May construction spending was estimated at a seasonally adjusted annual rate of $1,035.8 billion, 0.8 percent above the revised April estimate of $1,027 billion, according to the U.S. Census Bureau of the Department of Commerce. The May figure is 8.2 percent above the May 2014 estimate of $957.6 billion.
During the first five months of this year, construction spending amounted to $382.1 billion, 5.9 percent above the $360.8 billion for the same period in 2014.
Spending on private construction was at a seasonally adjusted annual rate of $752.4 billion, 0.9 percent above the revised April estimate of $745.6 billion. Residential construction was at a seasonally adjusted annual rate of $359.5 billion in May, 0.3 percent above the revised April estimate of $358.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $392.8 billion in May, 1.5 percent above the revised April estimate of $387.1 billion.
In May, the estimated seasonally adjusted annual rate of public construction spending was $283.4 billion, 0.7 percent above the revised April estimate of $281.5 billion. Educational construction was at a seasonally adjusted annual rate of $65.3 billion, 0.7 percent below the revised April estimate of $65.8 billion. Highway construction was at a seasonally adjusted annual rate of $85.1 billion, 2.1 percent above the revised April estimate of $83.3 billion.
