U.S. Construction Spending Dips 0.8 Percent in May
Greatest drop for month was a 3.2 precent decline in highway construction.
The U.S. Census Bureau announced the following put in place construction statistics for May 2019:
Total Construction
Construction spending during May 2019 was estimated at a seasonally adjusted annual rate of $1,293.9 billion, 0.8 percent (±1.2 percent)* below the revised April estimate of $1,304.0 billion. The May figure is 2.3 percent (±1.5 percent) below the May 2018 estimate of $1,324.3 billion.
During the first five months of this year, construction spending amounted to $498.8 billion, 0.3 percent (±1.3 percent)* below the $500.3 billion for the same period in 2018.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $953.2 billion, 0.7 percent (±0.7 percent)* below the revised April estimate of $960.3 billion.
Residential construction was at a seasonally adjusted annual rate of $498.9 billion in May, 0.6 percent (±1.3 percent)* below the revised April estimate of $501.7 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $454.3 billion in May, 0.9 percent (±0.7 percent) below the revised April estimate of $458.5 billion.
Public Construction
In May, the estimated seasonally adjusted annual rate of public construction spending was $340.6 billion, 0.9 percent (±2.1 percent)* below the revised April estimate of $343.7 billion.
Educational construction was at a seasonally adjusted annual rate of $79.3 billion, nearly the same as (±2.6 percent)* the revised April estimate of $79.3 billion.
Highway construction was at a seasonally adjusted annual rate of $111.6 billion, 3.2 percent (±6.1 percent)* below the revised April estimate of $115.4 billion.
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