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U.S. Construction Declined Slightly In May
Wednesday, 02-Jul-2008 4:15AM United Press International
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WASHINGTON, July 1 (UPI) -- Residential private construction in the United States fell in May, but non-residential private construction gained slightly, the U.S. Commerce Department said.

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The May figures showed private residential construction in May hit a seasonally adjusted annual rate of $378.9 billion, down 1.6 percent from April's revised estimate of $385.1 billion.

Non-residential private construction gained 0.2 percent above the previous month to a seasonally adjusted annual rate of $405.3 billion, the report said.

Overall, private construction was down 0.7 percent to an adjusted annual rate of $784.2 billion, while public construction rose 0.4 percent in May to an adjusted annual rate of $301.1 billion.

Educational construction rose 1.8 percent on the month to an annual rate of $84.8 billion. Highway construction fell 0.7 percent to an annual rate of $77.8 billion, the Commerce Department said.

Total construction, at adjusted annual rate of $1.085 trillion, declined 0.4 percent, the report said.

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