Construction Spending Holds Steady in May

Construction spending was virtually unchanged in May, landing at a seasonally adjusted annual level (SAAL) of $1,230.1 billion, according to the Census Bureau. April’s spending estimate was revised to a rate of $1,230.4 billion. May’s figure is 4.5% greater than the May 2016 estimate of $1,177.0 billion.

Total private construction was $943.2 billion SAAL, a 0.6% decrease from the revised April estimate of $949.3 billion. Total private construction is 6.2% higher than the May 2016 figure.

Private residential construction was $509.6 billion SAAL, 0.6% below April’s downwardly revised rate. May’s figure is 11.2% greater than its May 2016 estimate.

Private nonresidential construction was $433.6 billion, 0.7% below April’s upwardly revised estimate. May’s estimate is 0.8% greater than the May 2016 figure.

Public construction increased 2.1% to $286.9 billion SAAL. May’s figure is 0.6% below the May 2016 estimate.

Read the Census release.