According to the U.S. Census Bureau of the Department of Commerce, total construction spending for May 2014 was estimated at a seasonally adjusted annual rate of $956.1 billion. This rate is a slight increase of 0.1 percent from the revised April estimate of $955.1 billion. Compared to a year ago, the May rate is up 6.6 percent from that of the May 2013 rate, which was estimated at $896.6 billion. So far this year, construction spending has totaled $358.1 billion, an increase of 8.2 percent compared to the $331.1 billion for the first five months of 2013.
Private construction spending in May was estimated at a seasonally adjusted annual rate of $682.8 billion, a decrease of 0.3 percent from April’s revised estimate of $684.6 billion. Residential construction spending for May was at a seasonally adjusted annual rate of $354.8 billion, dropping 1.5 percent below the previous month’s revised estimate of $360.1 billion. Nonresidential construction spending for May was estimated at $328.0 billion, up 1.1 percent from April’s revised estimate of $324.5 billion.
Public construction spending was estimated at a seasonally adjusted annual rate of $273.3 billion, up 1.0 percent from April’s revised estimate of $270.5 billion. Educational construction spending for May was at an adjusted rate of $62.0 billion, down 0.6 percent from the revised April estimate of $62.4 billion. Highway construction spending was estimated at an adjusted rate of $82.7 billion for May, increasing by 0.7 percent from April’s revised estimate of $82.2 billion.
For more information, read the complete U.S. Census Bureau of the Department of Commerce Press Release by clicking here.
