WASHINGTON -- U.S. construction spending inched up to another record high in May as the housing sector continued its strong performance in an otherwise weak economy.
Construction spending rose 0.3% in May, its second consecutive monthly gain, to a record seasonally adjusted annual rate of $881.6 billion from a revised $879.2 billion in April, the U.S. Commerce Department said. The May rate was 8.3% higher than a year ago.