U.S. Construction Creeps Up 0.5 Percent in May
So far in 2013, construction spending trends 6.2 percent above 2012.
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during May 2013 was estimated at a seasonally adjusted annual rate of $874.9 billion, 0.5 percent (±1.6%)* above the revised April estimate of $870.3 billion.
The May figure is 5.4 percent (±2.1%) above the May 2012 estimate of $830.4 billion.
During the first 5 months of this year, construction spending amounted to $326.2 billion, 6.2 percent (±1.5%) above the $307.0 billion for the same period in 2012.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $605.4 billion, nearly the same as (±1.0%)* the revised April estimate of $605.7 billion.
Residential construction was at a seasonally adjusted annual rate of $322.3 billion in May, 1.2 percent (±1.3%)* above the revised April estimate of $318.5 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $283.1 billion in May, 1.4 percent (±1.0%) below the revised April estimate of $287.1 billion.
PUBLIC CONSTRUCTION
In May, the estimated seasonally adjusted annual rate of public construction spending was $269.5 billion, 1.8 percent (±3.0%)* above the revised April estimate of $264.7 billion.
Educational construction was at a seasonally adjusted annual rate of $60.4 billion, 0.4 percent (±3.5%)* above the revised April estimate of $60.1 billion.
Highway construction was at a seasonally adjusted annual rate of $78.3 billion, 0.8 percent (±9.5%)* above the revised April estimate of $77.7 billion.
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