May 2024 Construction Spending Updates

May 2024 Construction Spending Updates:

Overall Construction Put in Place was down 0.2% from January to March and up 9.6% over the last year.
After several years of growth, nonresidential construction declined 0.2% over the last quarter. It is still up 13.7% on an annual basis.
Residential construction was essentially flat in Q1 after growing steadily in the second half of 2023.