U.S. construction hits all-time high in May
Month's adjusted annual rate hits $1.3 trillion.
The U.S. Census Bureau announced the following value put in place construction statistics for May 2018:
Construction spending during May 2018 was estimated at a seasonally adjusted annual rate of $1,309.5 billion, 0.4 percent (±1.3 percent)* above the revised April estimate of $1,304.5 billion. The May figure is 4.5 percent (±1.6 percent) above the May 2017 estimate of $1,253.6 billion.
The month's modest growth was enough to set a new all-time high for seasonally adjusted spending.
During the first five months of this year, construction spending amounted to $497.1 billion, 4.3 percent (±1.2 percent) above the $476.7 billion for the same period in 2017.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,005.4 billion, 0.3 percent (±0.8 percent)* above the revised April estimate of $1,002.3 billion.
Residential construction was at a seasonally adjusted annual rate of $553.8 billion in May, 0.8 percent (±1.3 percent)* above the revised April estimate of $549.3 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $451.5 billion in May, 0.3 percent (±0.8 percent)* below the revised April estimate of $453.0 billion.
Public Construction
In May, the estimated seasonally adjusted annual rate of public construction spending was $304.1 billion, 0.7 percent (±2.6 percent)* above the revised April estimate of $302.1 billion.
Educational construction was at a seasonally adjusted annual rate of $74.3 billion, 0.9 percent (±2.5 percent)* above the revised April estimate of $73.6 billion.
Highway construction was at a seasonally adjusted annual rate of $94.6 billion, 0.2 percent (±8.1 percent)* below the revised April estimate of $94.8 billion.
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