Construction spending in May was estimated at a seasonally adjusted annual rate of $1,925.6 billion, a notable 0.9 percent above the slightly revised April estimate of $1,909.0 billion. The May figure is 2.4 percent above the May 2022 estimate of $1,880.9 billion. During the first five months of this year, construction spending amounted to $740.8 billion, 2.9 percent above the $719.6 billion for the same period in 2022.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,513.2 billion, 1.1 percent above the revised April estimate of $1,497.2 billion. Residential construction was at a seasonally adjusted annual rate of $857.4 billion in May, 2.2 percent above the revised April estimate of $839.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $655.8 billion in May, 0.3 percent below the revised April estimate of $657.8 billion.
Public Construction
In May, the estimated seasonally adjusted annual rate of public construction spending was $412.4 billion, 0.1 percent above the revised April estimate of $411.8 billion. Educational construction was at a seasonally adjusted annual rate of $87.7 billion, virtually unchanged from the revised April estimate of $87.7 billion. Highway construction was at a seasonally adjusted annual rate of $124.6 billion, 0.4 percent below the revised April estimate of $125.1 billion.
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