Private residential construction spending declined for the fifth consecutive month in May, falling 0.5% due to reduced investment in single-family homes, which decreased by 1.8%. Compared to a year ago, total spending is down 6.7%, with multifamily construction also slipping and remodeling activity weakening despite a slight monthly uptick. The slowdown reflects ongoing challenges like high mortgage rates and tariff concerns, which have weighed heavily on builder confidence and new construction activity since early 2024.
