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 | Jul 28, 2020
Senate Republicans' coronavirus relief measure includes provisions that will help hard-hit construction firms recover
The HEALS Act includes essential liability, workforce, financial & unemployment reforms, but association will work to get needed infrastructure investments included in final relief measure.
Market Data | Jul 27, 2020
6 must reads for the AEC industry today: July 27, 2020
Customized labs give universities a recruiting edge and the U.S. construction pipeline remains robust through the first half of 2020.
Market Data | Jul 27, 2020
The U.S. construction pipeline remains robust through the first half of 2020, despite pandemic
Projects currently under construction stand at 1,771 projects/235,467 rooms, up 3% and 1% respectively, YOY.
Market Data | Jul 24, 2020
5 must reads for the AEC industry today: July 24, 2020
North Carolina will stop relying on FEMA flood mapping and Cal Poly Pomona's newest project.
Market Data | Jul 23, 2020
New LEED guidance from USGBC helps cities and communities expand resilience efforts in response to the COVID-19 pandemic
Credits integrate public health and social equity with sustainability planning.
Market Data | Jul 23, 2020
6 must reads for the AEC industry today: July 23, 2020
Skanska selects Pickard Chilton to design new ofice tower and days grow long at nursing homes as virus lockdowns drag on.
Market Data | Jul 22, 2020
6 must reads for the AEC industry today: July 22, 2020
Phase one of Toronto's The Orbit detailed and architecture billings remains in negative territory.
Market Data | Jul 21, 2020
Nonresidential building spending to decline through 2021
The commercial building sector is expected to be the hardest hit.
Market Data | Jul 21, 2020
7 must reads for the AEC industry today: July 21, 2020
Abandoned high-rise becomes mixed-use luxury apartments and researchers are developing anti-coronavirus tech for buildings.
Market Data | Jul 20, 2020
Construction employment rises from May to June in 31 states, slips in 18
Recent data from Procore on jobsite workers’ hours indicates employment may have leveled off.
