U.S. Construction Spending Treads Water in May

Construction spending during May 2022 was estimated at a seasonally adjusted annual rate of $1,779.8 billion, 0.1 percent (±0.8 percent)* below the revised April estimate of $1,782.5 billion. The May figure is 9.7 percent (±1.3 percent) above the May 2021 estimate of $1,621.9 billion.

During the first five months of this year, construction spending amounted to $686.9 billion, 11.0 percent (±1.0 percent) above the $619.0 billion for the same period in 2021.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $1,436.0 billion, virtually unchanged (±0.7 percent)* from the revised April estimate of $1,435.9 billion.

Residential construction was at a seasonally adjusted annual rate of $938.2 billion in May, 0.2 percent (±1.3 percent)* above the revised April estimate of $935.9 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $497.8 billion in May, 0.4 percent (±0.7 percent)* below the revised April estimate of $499.9 billion.

Public Construction

In May, the estimated seasonally adjusted annual rate of public construction spending was $343.8 billion, 0.8 percent (±1.6 percent)* below the revised April estimate of $346.6 billion.

Educational construction was at a seasonally adjusted annual rate of $78.4 billion, 0.4 percent (±3.0 percent)* below the revised April estimate of $78.7 billion.

Highway construction was at a seasonally adjusted annual rate of $98.1 billion, 2.3 percent (±4.6 percent)* below the revised April estimate of $100.4 billion.