According to the U.S. Census Bureau of the Department of Commerce, total construction spending for May 2015 was estimated at a seasonally adjusted annual rate of $1,035.8 billion. This rate is an increase of 0.8 percent from the revised April estimate of $1,027.0 billion. Compared to a year ago, the May rate is up 8.2 percent from that of the May 2014 rate, which was estimated at $957.6 billion. So far this year, construction spending has totaled $382.1 billion, an increase of 5.9 percent compared to the $360.8 billion for the first five months of 2014.
Private construction spending in May was estimated at a seasonally adjusted annual rate of $752.4 billion, an increase of 0.9 percent from April’s revised estimate of $745.6 billion. Residential construction spending for May was at a seasonally adjusted annual rate of $359.5 billion, rising 0.3 percent above the previous month’s revised estimate of $358.5 billion. Nonresidential construction spending for May was estimated at $392.8 billion, up 1.5 percent from April’s revised estimate of $387.1 billion.
Public construction spending was estimated at a seasonally adjusted annual rate of $283.4 billion, up 0.7 percent from April’s revised estimate of $281.5 billion. Educational construction spending for May was at an adjusted rate of $65.3 billion, down 0.7 percent from the revised April estimate of $65.8 billion. Highway construction spending was estimated at an adjusted rate of $85.1 billion for May, increasing by 2.1 percent from April’s revised estimate of $83.3 billion.
For more information, read the complete U.S. Census Bureau of the Department of Commerce Press Release by clicking here.
