Construction spending during May 2024 was estimated at a seasonally adjusted annual rate of $2,139.8 billion, 0.1 percent below the upward revised April estimate of $2,142.1 billion. The May figure is 6.4 percent above the May 2023 estimate of $2,011.8 billion. During the first five months of this year, construction spending amounted to $836.3 billion, 8.8 percent above the $768.6 billion for the same period in 2023.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,652.1 billion, 0.3 percent below the revised April estimate of $1,656.7 billion. Residential construction was at a seasonally adjusted annual rate of $918.2 billion in May, 0.2 percent below the revised April estimate of $920.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $733.9 billion in May, 0.3 percent below the revised April estimate of $736.5 billion.
Public Construction
In May, the estimated seasonally adjusted annual rate of public construction spending was $487.6 billion, 0.5 percent above the revised April estimate of $485.4 billion. Educational construction was at a seasonally adjusted annual rate of $102.1 billion, 0.6 percent above the revised April estimate of $101.5 billion. Highway construction was at a seasonally adjusted annual rate of $147.6 billion, 0.5 percent below the revised April estimate of $148.3 billion.
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