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Private nonresidential construction spending up

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Private nonresidential construction spending increased 1.2 percent in May from the prior month, according to a U.S. Census Bureau report. Eight of 16 nonresidential construction subsectors posted increases in spending, with the biggest gains being in power, sewage and waste disposal, conservation and development, and lodging. “Clearly, the economic improvement that we had observed through March of this year has translated into better privately financed construction activity,” Associated Builders and Contractors Inc. Chief Economist Anirban Basu said in a release. “Private nonresidential construction spending expanded in May even as public nonresidential construction declined and the nation’s housing sector continues to swoon.” Spending in the private nonresidential sector is down 5.1 percent year-over-year.