U.S. construction spending in May was at a seasonally adjusted rate of $1,309.5 billion, according to new data from the U.S. Census Bureau. Spending was 4.5 percent above May 2017 levels, and 0.4 percent above April’s revised figures. During the first five months of 2018, construction spending amounted to $497.1 billion, 4.3 percent above the $476.7 billion for the same period in 2017.
Spending on private construction was at a seasonally adjusted annual rate of $1,005.4 billion, 0.3 percent above the revised April estimate of $1,002.3 billion. Residential construction was at a seasonally adjusted annual rate of $553.8 billion in May, 0.8 percent above the revised April estimate of $549.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $451.5 billion in May, 0.3 percent below the revised April estimate of $453 billion.
The estimated seasonally adjusted annual rate of public construction spending was $304.1 billion, 0.7 percent above the revised April estimate of $302.1 billion. Educational construction was at a seasonally adjusted annual rate of $74.3 billion, 0.9 percent above the revised April estimate of $73.6 billion. Highway construction was at a seasonally adjusted annual rate of $94.6 billion, 0.2 percent below the revised April estimate of $94.8 billion.
