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HomeNewsEconomyConstruction Spending Posts Solid Gain in May, Fueled By Housing

Construction Spending Posts Solid Gain in May, Fueled By Housing

New residential homes are shown under construction in Carlsbad, California September 19, 2011. (Photo: Reuters)
New residential homes are shown under construction in Carlsbad, California September 19, 2011. (Photo: Reuters)

New residential homes are shown under construction in Carlsbad, California September 19, 2011. (Photo: Reuters)

Construction spending was estimated at a seasonally adjusted annual rate of $1,309.5 billion, 0.4% above the revised April estimate of $1,304.5 billion. The reading in May is 4.5% above the May 2017 estimate of $1,253.6 billion.

During the first 5 months of this year, construction spending amounted to $497.1 billion, 4.3% above the $476.7 billion for the same period in 2017.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $1,005.4 billion, 0.3% above the revised April estimate of $1,002.3 billion. Residential construction was at a seasonally adjusted annual rate of $553.8 billion in May, 0.8% above the revised April estimate of $549.3 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $451.5 billion in May, 0.3% below the revised April estimate of $453.0 billion.

Public Construction

In May, the estimated seasonally adjusted annual rate of public construction spending was $304.1 billion, 0.7% above the revised April estimate of $302.1 billion. Educational construction was at a seasonally adjusted annual rate of $74.3 billion, 0.9% above the revised April estimate of $73.6 billion.

Highway construction was at a seasonally adjusted annual rate of $94.6 billion, 0.2% below the revised April estimate of $94.8 billion

Written by

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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