May construction spending was estimated at a seasonally adjusted annual rate of $1,143.3 billion, 0.8 percent below the revised April estimate of $1,152.4 billion, according to the U.S. Census Bureau of the Department of Commerce. The May figure is 2.8 percent above the May 2015 estimate of $1,112.2 billion.
During the first five months of this year, construction spending amounted to $438.5 billion, 8.2 percent above the $405.4 billion for the same period in 2015.
In May, spending on private construction was at a seasonally adjusted annual rate of $859.3 billion, 0.3 percent below the revised April estimate of $861.9 billion. Residential construction was at a seasonally adjusted annual rate of $451.9 billion in May, nearly the same as the revised April estimate of $451.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $407.4 billion in May, 0.7 percent below the revised April estimate of $410.1 billion.
In May, the estimated seasonally adjusted annual rate of public construction spending was $284 billion, 2.3 percent below the revised April estimate of $290.5 billion. Educational construction was at a seasonally adjusted annual rate of $66.8 billion, 5.4 percent below the revised April estimate of $70.6 billion. Highway construction was at a seasonally adjusted annual rate of $88.9 billion, 0.2 percent below the revised April estimate of $89.1 billion.
