BUILDUP: Construction spending rose at a faster 0.5 percent rate in May compared with April as spending on residential housing rose to the highest level in 4½ years. That more than offset a big drop in nonresidential activity.
HOT HOUSES: Private residential construction rose 1.2 percent to the highest level since October 2008. That reflected a 0.4 percent increase in new single-family construction and a 2.5 percent jump in multi-family construction. Residential construction spending is 23.1 percent higher than a year ago.
COOL OFFICES AND MALLS: Spending on nonresidential projects fell 1.4 percent, dragged lower by declines in office building and the category that includes shopping centers. Nonresidential construction is 0.9 percent below the level of a year ago.