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 17, 2019
Design services demand stalled in June
Project inquiry gains hit a 10-year low.
Market Data | Jul 16, 2019
ABC’s Construction Backlog Indicator increases modestly in May
The Construction Backlog Indicator expanded to 8.9 months in May 2019.
K-12 Schools | Jul 15, 2019
Summer assignments: 2019 K-12 school construction costs
Using RSMeans data from Gordian, here are the most recent costs per square foot for K-12 school buildings in 10 cities across the U.S.
Market Data | Jul 12, 2019
Construction input prices plummet in June
This is the first time in nearly three years that input prices have fallen on a year-over-year basis.
Market Data | Jul 1, 2019
Nonresidential construction spending slips modestly in May
Among the 16 nonresidential construction spending categories tracked by the Census Bureau, five experienced increases in monthly spending.
Market Data | Jul 1, 2019
Almost 60% of the U.S. construction project pipeline value is concentrated in 10 major states
With a total of 1,302 projects worth $524.6 billion, California has both the largest number and value of projects in the U.S. construction project pipeline.
Market Data | Jun 21, 2019
Architecture billings remain flat
AIA’s Architecture Billings Index (ABI) score for May showed a small increase in design services at 50.2.
Market Data | Jun 19, 2019
Number of U.S. architects continues to rise
New data from NCARB reveals that the number of architects continues to increase.
Market Data | Jun 12, 2019
Construction input prices see slight increase in May
Among the 11 subcategories, six saw prices fall last month, with the largest decreases in natural gas.
Market Data | Jun 3, 2019
Nonresidential construction spending up 6.4% year over year in April
Among the 16 sectors tracked by the U.S. Census Bureau, nine experienced an increase in monthly spending, led by water supply and highway and street.
