Construction spending during May 2020 was estimated at a seasonally adjusted annual rate of $1,356.4 billion, up 0.3% from the May 2019 estimate of $1,352.9 billion, according to new data from the U.S. Census Bureau. The May figure is 2.1% below the revised April estimate of $1,386.1 billion. During the first five months of this year, construction spending amounted to $543.2 billion, 5.7% above the $513.7 billion for the same period in 2019.

Spending on private construction was at a seasonally adjusted annual rate of $1,001.2 billion, 3.3% below the revised April estimate of $1,035.2 billion. Residential construction was at a seasonally adjusted annual rate of $535.9 billion in May, 4% below the revised April estimate of $558.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $465.3 billion in May, 2.4% below the revised April estimate of $476.9 billion.

In May, the estimated seasonally adjusted annual rate of public construction spending was $355.2 billion, 1.2% above the revised April estimate of $350.9 billion. Educational construction was at a seasonally adjusted annual rate of $87.3 billion, 0.1% above the revised April estimate of $87.2 billion. Highway construction was at a seasonally adjusted annual rate of $106.6 billion, 2.8% above the revised April estimate of $103.7 billion.