U.S. Construction Spending Trends Up 0.9% in May
Residential construction drives growth for month, increasing 2.2%.
The U.S. Census Bureau announced the following value put in place construction statistics for May 2023:
Total Construction
Construction spending during May 2023 was estimated at a seasonally adjusted annual rate of $1,925.6 billion, 0.9 percent (±0.5 percent) above the revised April estimate of $1,909.0 billion. The May figure is 2.4 percent (±1.2 percent) above the May 2022 estimate of $1,880.9 billion.
During the first five months of this year, construction spending amounted to $740.8 billion, 2.9 percent (±1.0 percent) above the $719.6 billion for the same period in 2022.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,513.2 billion, 1.1 percent (±0.3 percent) above the revised April estimate of $1,497.2 billion.
Residential construction was at a seasonally adjusted annual rate of $857.4 billion in May, 2.2 percent (±1.3 percent) above the revised April estimate of $839.4 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $655.8 billion in May, 0.3 percent (±0.3 percent)* below the revised April estimate of $657.8 billion.
Public Construction
In May, the estimated seasonally adjusted annual rate of public construction spending was $412.4 billion, 0.1 percent (±1.0 percent)* above the revised April estimate of $411.8 billion.
Educational construction was at a seasonally adjusted annual rate of $87.7 billion, virtually unchanged from (±1.5 percent)* the revised April estimate of $87.7 billion.
Highway construction was at a seasonally adjusted annual rate of $124.6 billion, 0.4 percent (±2.8 percent)* below the revised April estimate of $125.1 billion.
CONTRACTOR SUPPLY MAGAZINE
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