U.S. construction spending holds even in May
Public construction advances 2.1 percent as residential slips 0.6 percent for month.
The U.S. Census Bureau announced the following value put in place construction statistics for May 2017:
Total Construction
Construction spending during May 2017 was estimated at a seasonally adjusted annual rate of $1,230.1 billion, nearly the same as (±2.5 percent)* the revised April estimate of $1,230.4 billion.
The May figure is 4.5 percent (±2.5 percent) above the May 2016 estimate of $1,177.0 billion. During the first 5 months of this year, construction spending amounted to $469.2 billion, 6.1 percent (±1.3 percent) above the $442.4 billion for the same period in 2016.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $943.2 billion, 0.6 percent (± 0.7 percent)* below the revised April estimate of $949.3 billion.
Residential construction was at a seasonally adjusted annual rate of $509.6 billion in May, 0.6 percent (±1.3 percent)* below the revised April estimate of $512.7 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $433.6 billion in May, 0.7 percent (± 0.7 percent)* below the revised April estimate of $436.7 billion.
Public Construction
In May, the estimated seasonally adjusted annual rate of public construction spending was $286.9 billion, 2.1 percent (±5.3 percent)* above the revised April estimate of $281.0 billion.
Educational construction was at a seasonally adjusted annual rate of $74.3 billion, 5.1 percent (±3.3 percent) above the revised April estimate of $70.7 billion.
Highway construction was at a seasonally adjusted annual rate of $90.6 billion, 0.9 percent (±16.9 percent)* below the revised April estimate of $91.5 billion.
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