Construction spending fell 2.1% at a seasonally adjusted annual rate (SAAR) of $1,356.4 billion in May, according to the Census Bureau. May’s figure is 0.3% higher than the May 2019 estimate of $1,352.9 billion.
Spending on private construction was at a seasonally adjusted annual rate of $1,001.2 billion, 3.3% below the revised April estimate of $1,035.2 billion. Private residential construction was at a seasonally adjusted annual rate of $353.9 billion in May, 4.0% below the revised April estimate of $558.3 billion.
Private nonresidential construction was at a seasonally adjusted annual rate of $465.3 billion in May, 2.4% below the revised April estimate of $476.9 billion.
In May, the estimated seasonally adjusted annual rate of public construction spending was $355.2 billion, 1.2% above the revised April estimate of $350.9 billion.
Read the Census release.
