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By: Kendall Jones on July 2nd, 2018

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U.S. Construction Spending Up 0.4% in May

Industry News | Blog Posts

In May, construction spending was at an estimated seasonally adjusted annual rate of $1,309.5 billion. This was a 0.4% increase over April’s estimate which has been revised down from $1,310.4 billion to $1,304.5 billion. March’s estimate was revised up from $1,286.8 billion to $1,293 billion. May’s estimate for total construction spending is up 4.5% from the May 2017 estimate of $1,253.6 billion.

Total construction put in place (CPIP) for the first five months of 2018 was $497.1 billion, a 4.3% increase over the $476.7 billion spent from January through May 2017.

Total nonresidential construction spending was at a seasonally adjusted annual rate of $749.0 billion in May. This is a 0.1% increase over April’s estimate which was revised up from $747.0 billion to $748.6 billion. Total nonresidential construction is up 3.0% from a year ago.

Total residential construction was at an estimated seasonally adjusted annual rate of $560.5 billion. This is up 0.8% from April’s estimate which was revised down from $563.4 billion to $555.9 billion. Total residential has increased 6.4% over the last 12 months.

Total private construction spending in May 2018 was at a seasonally adjusted annual rate of $1,005.4 billion. This is 0.3% higher than April’s estimate which was revised down from $1,014.3 billion to $1,002.3 billion. March’s estimate was revised up from $986.6 billion to $997.9 billion. Private construction is up 4.4% from a year ago.

Private nonresidential construction spending for May was at a seasonally annual adjusted rate of $451.5 billion, down 0.3% from April’s estimate which has been revised down from $458.0 billion to $453.0 billion. March’s private nonresidential spending was also revised down from $454.2 billion to $451.3 billion. Private nonresidential construction spending has increased 1.8% over the past year.

May’s private residential construction spending was at a seasonally adjusted annual rate of $553.8 billion. This is 0.8% higher than April’s estimate which was revised down from $556.3 billion to $549.3 billion. March’s figure of $532.4 billion has been revised back up to $546.6 billion. May’s annual rate for private residential construction is up 6.6% from a year ago.

The seasonally adjusted annual rate for public construction spending in May was $304.1 billion. May’s estimate is 0.7% above April’s estimate which has been revised up from $296.1 billion to $302.1 billion. March’s estimate was revised down from$300.1 billion to $295.2 billion.

May’s seasonally adjusted annual rate of public construction spending was up 4.7% from a year ago when the May 2017 estimate was $290.5 billion. Total public CPIP for January through May was $106.0 billion, a 4.4% increase from the same period a year ago when total public CPIP was $101.6 billion.