Construction spending in May was an estimated seasonally adjusted annual rate of $1.14 trillion, 0.8% below the revised April estimate, according to a report from the U.S. Census Bureau of the Department of Commerce.
From April to May, private construction spending declined 0.3% to a seasonally adjusted annual rate of $859.3 billion and public construction spending dropped 2.3% to a rate of $284.0 billion. Religious construction was hit hardest over the last month, with spending dropping more than 10 percent. Sewage and waste disposal, transportation, and educational sectors also experienced dips in spending.
Even with the reductions, construction spending is stronger than it was a year ago. The $1.14 trillion spending rate is 2.8 percent higher than the May 2015 estimate of $1.11 trillion. For the first five months of 2016, $438.5 billion has been spent on construction, an 8.2 percent rise above the 405.4 billion spend during the from January to May last year.
Related Stories
Market Data | Oct 14, 2021
Prices for construction materials continue to outstrip bid prices over 12 months
Construction officials renew push for immediate removal of tariffs on key construction materials.
Market Data | Oct 11, 2021
No decline in construction costs in sight
Construction cost gains are occurring at a time when nonresidential construction spending was down by 9.5 percent for the 12 months through July 2021.
Market Data | Oct 11, 2021
Nonresidential construction sector posts first job gain since March
Has yet to hit pre-pandemic levels amid supply chain disruptions and delays.
Market Data | Oct 4, 2021
Construction spending stalls between July and August
A decrease in nonresidential projects negates ongoing growth in residential work.
Market Data | Oct 1, 2021
Nonresidential construction spending dips in August
Spending declined on a monthly basis in 10 of the 16 nonresidential subcategories.
Market Data | Sep 29, 2021
One-third of metro areas lost construction jobs between August 2020 and 2021
Lawrence-Methuen Town-Salem, Mass. and San Diego-Carlsbad, Calif. top lists of metros with year-over-year employment increases.
Market Data | Sep 28, 2021
Design-Build projects should continue to take bigger shares of construction spending pie over next five years
FMI’s new study finds collaboration and creativity are major reasons why owners and AEC firms prefer this delivery method.
Market Data | Sep 22, 2021
Architecture billings continue to increase
The ABI score for August was 55.6, up from July’s score of 54.6.
Market Data | Sep 20, 2021
August construction employment lags pre-pandemic peak in 39 states
The coronavirus delta variant and supply problems hold back recovery.
Market Data | Sep 15, 2021
ABC’s Construction Backlog Indicator plummets in August; Contractor Confidence down
ABC’s Construction Confidence Index readings for sales, profit margins and staffing levels all fell modestly in August.
