U.S. construction spending dips 2.1 percent in May
Highway construction is the bright spot, rising 2.8 percent over April.
The U.S. Census Bureau announced the following value put in place construction statistics
for May 2020:
Total Construction
Construction spending during May 2020 was estimated at a seasonally adjusted annual rate of $1,356.4 billion, 2.1 percent (±1.0 percent) below the revised April estimate of $1,386.1 billion.
The May figure is 0.3 percent (±1.5 percent)* above the May 2019 estimate of $1,352.9 billion. During the first five months of this year, construction spending amounted to $543.2 billion, 5.7 percent (±1.2 percent) above the $513.7 billion for the same period in 2019.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,001.2 billion, 3.3 percent (±0.7 percent) below the revised April estimate of $1,035.2 billion.
Residential construction was at a seasonally adjusted annual rate of $535.9 billion in May, 4.0 percent (±1.3 percent) below the revised April estimate of $558.3 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $465.3 billion in May, 2.4 percent (±0.7 percent) below the revised April estimate of $476.9 billion.
Public Construction
In May, the estimated seasonally adjusted annual rate of public construction spending was $355.2 billion, 1.2 percent (±2.0 percent)* above the revised April estimate of $350.9 billion.
Educational construction was at a seasonally adjusted annual rate of $87.3 billion, 0.1 percent (±2.0 percent)* above the revised April estimate of $87.2 billion.
Highway construction was at a seasonally adjusted annual rate of $106.6 billion, 2.8 percent (+/- 6.7 percent) above the revised April estimate of $103.7 billion.
CONTRACTOR SUPPLY MAGAZINE
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