Construction Spending Rate Rose 0.4 percent in May

Construction spending increased 0.4 percent at a seasonally adjusted annual level (SAAL) of $1,309.5 billion, in May, according to the Census Bureau. April’s spending estimate was downwardly revised to $1,304.5 billion. May’s figure is 4.5 percent greater than the May 2017 estimate of $1,253.6 billion.

Total private construction was $1,005.4 billion SAAL, a 0.3 percent increase from the revised April estimate of $1,002.3 billion. Total private construction is 4.4 percent higher than the May 2017 figure.

Private residential construction was $553.8 billion SAAL, 0.8 percent higher than April’s rate. May’s figure was 6.6 percent greater than its May 2017 estimate.

Private nonresidential construction was $451.5 billion SAAL, 0.3 percent below April’s estimate. May’s rate is 1.8 percent greater than the May 2017 figure.

Public construction rose 0.7 percent at $304.1 billion SAAL. May’s figure is 4.7 percent above the May 2017 estimate.

Read the Census release.

About Stephen Newton

Stephen Newton is an economic research associate at ABA.
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