Construction Spending Posts Solid Gain in May, Fueled By Housing

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