U.S. construction spending dips 0.3 percent in May
Highway construction is bright spot, increasing 1.4 percent over April.
The U.S. Census Bureau announced the following value put in place construction statistics
for May 2021:
Total Construction
Construction spending during May 2021 was estimated at a seasonally adjusted annual rate of $1,545.3 billion, 0.3 percent (±1.0 percent)* below the revised April estimate of $1,549.5 billion. The May figure is 7.5 percent (±1.3 percent) above the May 2020 estimate of $1,437.7 billion.
During the first five months of this year, construction spending amounted to $594.8 billion, 4.6 percent (±1.0 percent) above the $568.5 billion for the same period in 2020.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,203.3 billion, 0.3 percent (±0.8 percent)* below the revised April estimate of $1,206.8 billion.
Residential construction was at a seasonally adjusted annual rate of $751.7 billion in May, 0.2 percent (±1.3 percent)* above the revised April estimate of $750.3 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $451.6 billion in May, 1.1 percent (±0.8 percent) below the revised April estimate of $456.5 billion.
Public Construction
In May, the estimated seasonally adjusted annual rate of public construction spending was $342.0 billion, 0.2 percent (±1.8 percent)* below the revised April estimate of $342.7 billion.
Educational construction was at a seasonally adjusted annual rate of $82.0 billion, 1.9 percent (±1.8 percent) below the revised April estimate of $83.6 billion.
Highway construction was at a seasonally adjusted annual rate of $98.6 billion, 1.4 percent (±6.1 percent)* above the revised April estimate of $97.2 billion.
CONTRACTOR SUPPLY MAGAZINE
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Our cover story, Masters of Fasteners, visits Interstate Screw Corp. of metro Miami, which serves the fastening needs of south Florida, the Caribbean and Central and South America.
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