Construction spending -0.3% in May

Total Construction
Construction spending during May 2021 was estimated at a seasonally adjusted annual rate of $1,545.3 billion, 0.3 percent (±1.0 percent) below the revised April estimate of $1,549.5 billion. The May figure is 7.5 percent (±1.3 percent) above the May 2020 estimate of $1,437.7 billion. During the first five months of this year, construction spending amounted to $594.8 billion, 4.6 percent (±1.0 percent) above the $568.5 billion for the same period in 2020.

Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,203.3 billion, 0.3 percent (±0.8 percent)* below the revised April estimate of $1,206.8 billion. Residential construction was at a seasonally adjusted annual rate of $751.7 billion in May, 0.2 percent (±1.3 percent) above the revised April estimate of $750.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $451.6 billion in May, 1.1 percent (±0.8 percent) below the revised April estimate of $456.5 billion.

Public Construction
In May, the estimated seasonally adjusted annual rate of public construction spending was $342.0 billion, 0.2 percent (±1.8 percent) below the revised April estimate of $342.7 billion. Educational construction was at a seasonally adjusted annual rate of $82.0 billion, 1.9 percent (±1.8 percent) below the revised April estimate of $83.6 billion. Highway construction was at a seasonally adjusted annual rate of $98.6 billion, 1.4 percent (±6.1 percent)* above the revised April estimate of $97.2 billion.