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U.S Construction dips in May

YTD construction spending is off 12 percent from 2009.  

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The U.S. Census Bureau of the Department of Commerce announced today that construction spending during May 2010 was estimated at a seasonally adjusted annual rate of $841.9 billion, 0.2 percent (±1.6%)* below the revised April estimate of $843.3 billion.

The May figure is 8.0 percent (±1.4%) below the May 2009 estimate of $915.4 billion.
During the first 5 months of this year, construction spending amounted to $314.2 billion, 12.0 percent (±1.1%) below the $356.9 billion for the same period in 2009.

PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $536.3 billion, 0.5 percent (±1.4%)* below the revised April estimate of $538.9 billion.

Residential construction was at a seasonally adjusted annual rate of $260.8 billion in May, 0.4 percent (±1.3%)* below the revised April estimate of $261.7 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $275.6 billion in May, 0.6 percent (±1.4%)* below the revised April estimate of $277.2 billion.

PUBLIC CONSTRUCTION
In May, the estimated seasonally adjusted annual rate of public construction spending was $305.5 billion, 0.4 percent (±2.2%)* above the revised April estimate of $304.4 billion.

Educational construction was at a seasonally adjusted annual rate of $74.0 billion, 0.9 percent (±3.0%)* below the revised April estimate of $74.6 billion.

Highway construction was at a seasonally adjusted annual rate of $83.1 billion, 2.7 percent (±8.2%)* above the revised April estimate of $80.9 billion.