May 2023 Construction Spending Update

May 2023 Construction Spending Updates:

Overall Construction Put in Place was up 0.3% in March 2023 and up 3.8% over the last year.
Nonresidential monthly growth from February to March (0.7%) was up from the 0.4% growth seen between January and February 2023.
Residential decline from February to March (-0.2%) was an improvement from the 0.6% decline seen from January to February 2023 change.