Construction spending during May was estimated at a seasonally adjusted annual rate of $1,545.3 billion, 0.3% below the revised April estimate of $1,549.5 billion, but 7.5% above the April 2020 estimate of $1,387.9 billion, according to the U.S. Census Bureau.
During the first five months of this year, construction spending has totaled $594.8 billion, which is 4.6% above the $568.5 billion for the same period in 2020.
Spending on private construction was at a seasonally adjusted annual rate of $1,203.3 billion, which was 0.3% 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% 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% below the revised April estimate of $456.5 billion.
In May, the estimated seasonally adjusted annual rate of public construction spending was $342.0 billion, 0.2% below the revised April estimate of $342.7 billion. Educational construction was at a seasonally adjusted annual rate of $82.0 billion, 1.9% below the revised April estimate of $83.6 billion. Highway construction was at a seasonally adjusted annual rate of $98.6 billion, which was 1.4% above the revised April estimate of $97.2 billion.
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