Construction spending during May 2017 was estimated at a seasonally adjusted rate of $1,230.1 billion, nearly the same as the revised April estimate of $ 1,230.4 billion. The May figure is 4.5 percent above the May 2016 estimate of $1,177 billion. During the first 5 months of this year, construction spending amounted to $469.2 billion, 6.1 percent above the $442.4 billion for the same period in 2016.
Spending on private construction was at a seasonally adjusted annual rate of $943.2 billion, 0.6 percent below the revised April estimate of $949.3 billion. Residential construction was at a seasonally adjusted annual rate of $509.6 billion in May, 0.6 percent below the revised April estimate of $512.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $433.6 billion in May, 0.7 percent below the revised April estimate of $436.7 billion.
In May, the estimated seasonally adjusted annual rate of public construction spending was $286.9 billion, 2.1 percent above the revised April estimate of $281 billion. Educational construction was at a seasonally adjusted rate of $74.3 billion, 5.1 percent above the revised April estimate of $70.7 billion. Highway construction was at a seasonally adjusted annual rate of $90.6 billion, 0.9 percent below the revised April estimate of $91.5 billion.
