Skolnick Legal Group, P.C.
Free Initial Phone Consultation
  • Roseland: 973-403-0100
  • Hackensack: 201-430-2400
  • New York: 212-744-9600

Overall construction spending falls in May

New construction projects may be slowing down slightly in New Jersey as part of a nationwide trend. According to the U.S. Department of Commerce, the first drop in construction spending in six months came in May 2019. While home building projects declined for the fifth month in a row, May marked the first decline in overall construction spending. In May, spending fell by 0.8%, the first drop since a 1.3% decrease in November 2018. Adjusted by season, there was $1.29 trillion spent on construction projects nationwide. However, the May decrease came after a 0.4% jump in further project spending only one month earlier.

According to the report, construction projects of multiple kinds showed an overall spending decrease. Home construction fell by 0.6% and non-residential construction declined by 0.9%. In addition, government spending on construction also fell by 0.9% as the federal government invested less in construction projects. Builders say that they hope that declining mortgage rates will inspire more people to invest in new home construction and help the market to rise again. Along with the decline in home building came a 0.8% decrease in spending on new homes. However, there was a 1.9% rise in spending on apartments.

Non-residential construction had also fallen in April to an even larger extent, marking a 1.4% drop. The report indicated that fewer projects were being undertaken in a range of areas, including retail shopping centers and office buildings.

When businesses do undertake a new construction project, it can be important to ensure that key terms are fully defined. Budget overruns and delays can lead to serious construction disputes. New Jersey and New York construction contract lawyers can work with developers to help move a project forward.

No Comments

Leave a comment
Comment Information

Contact Our Construction Law Team Today

We invite you to contact us to schedule a free initial phone consultation today at one of our three office locations. Feel free to call or send our office an email.

Roseland 973-403-0100 | Hackensack 201-430-2400 | New York 212-744-9600

We also handle personal injury matters, and frequently resolve commercial and real estate disputes.

Roseland Office
103 Eisenhower Parkway
Suite 305
Roseland, NJ 07068

Phone: 973-403-0100
Roseland Law Office Map

Hackensack Office
3 University Plaza
Suite 207
Hackensack, NJ 07601

Phone: 201-430-2400
Map & Directions

New York Office
18 East 41st Street
6th Floor
New York, NY 10017

Phone: 212-744-9600
Map & Directions

map image map image map image
Email Us For A Response

Tell us about your case

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy