U.S. construction spending dips 2.1 percent in May
Highway construction rises 2.8 percent for month.
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.
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