Construction, Services Sector Recorded All-Time High in May

Pent-up demand for services like a “jail break” following the end of COVID-19 lockdowns, an economic expert says.

  • 12 consecutive month of economic growth in the services sector.
  • ISM expects growth to continue throughout the next quarter.
  • Pricing, labor an issue for most.
  • Construction sector see growth, as well as supply and labor shortages.

Construction experienced the third largest growth among the 18 industries in the service sector in May, according to a report issued June 3 by the Institute of Supply Management (ISM). Anthony Nieves, chair of the ISM Services Business Survey Committee, delivered the services sector Purchasing Managers’ Index (PMI) report. The index is a set of economic indicators based off surveys of private-sector companies. READ FULL ARTICLE >>