July 6, 2009

Construction spending in May 2009 was estimated at a seasonally adjusted annual rate of $964.0 billion, 0.9 percent below the revised April estimate of $972.5 billion, according to the U.S. Census Bureau of the Department of Commerce. The May figure is 11.6 percent below the May 2008 estimate of $1,090.7 billion.

During the first five months of this year, construction spending amounted to $368.8 billion, 11.7 percent below the $417.5 billion for the same period in 2008.

Spending on private construction was at a seasonally adjusted annual rate of $649.2 billion, 1.0 percent below the revised April estimate of $655.6 billion. Residential construction was at a seasonally adjusted annual rate of $240.2 billion in May, 3.4 percent below the revised April estimate of $248.8 billion. …