U.S. construction spending trends above $1 trillion in May
Highway work runs 2.1 percent above April rate; private construction ticks up 0.9 percent for month.
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during May 2015 was estimated at a seasonally adjusted annual rate of $1,035.8 billion, 0.8 percent (±1.5%)* above the revised April estimate of $1,027.0 billion. The May figure is 8.2 percent (±2.0%) above the May 2014 estimate of $957.6 billion.
During the first 5 months of this year, construction spending amounted to $382.1 billion, 5.9 percent (±1.5%) above the $360.8 billion for the same period in 2014.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $752.4 billion, 0.9 percent (±0.8%) 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 (±1.3%)* 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 (±0.8%) above the revised April estimate of $387.1 billion.
PUBLIC CONSTRUCTION
In May, the estimated seasonally adjusted annual rate of public construction spending was $283.4 billion, 0.7 percent (±2.5%)* 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 (±3.9%)* 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 (±6.9%)* above the revised April estimate of $83.3 billion.
CONTRACTOR SUPPLY MAGAZINE
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