Construction spending was at a seasonally adjusted annual rate of $1,779.8 billion in May, 0.1% below the revised April estimate of $1,782.5 billion. The May figure is 9.7% above the May 2021 estimate of $1,621.9 billion.
Spending on private construction was at a seasonally adjusted annual rate of $1,436.0 billion, virtually unchanged from the revised April estimate of $1,435.9 billion. Private residential construction was at a seasonally adjusted annual rate of $938.2 billion in May, 0.2% above the revised April estimate of $935.9 billion. Private nonresidential construction was at a seasonally adjusted annual rate of $497.8 billion in May, 0.4% below the revised April estimate of $499.9 billion.
In May, the estimated seasonally adjusted annual rate of public construction spending was $343.8 billion, 0.8% below the revised April estimate of $346.6 billion.
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