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The U.S. government is reporting that total construction spending in May was at a seasonally adjusted annual rate of $ 1,545.3 billion, which is 0.3% below April’s revised estimate. However, May’s figure was 7.5% higher than one year ago. Residential construction was at a seasonally adjusted annual rate of $ 751.7 billion in march, which is 0.2% higher than April’s revised estimate.