U.S. Construction Still Soft in May
Private and public construction projects dip 1 to 2 percent from April.
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during May 2011 was estimated at a seasonally adjusted annual rate of $753.5 billion, 0.6 percent (±1.6%)* below the revised April estimate of $757.9 billion. The May figure is 7.1 percent (±1.8%) below the May 2010 estimate of $811.2 billion.
During the first 5 months of this year, construction spending amounted to $285.1 billion, 6.3 percent (±1.4%) below the $304.4 billion for the same period in 2010.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $477.2 billion, 0.4 percent (±1.4%)* below the revised April estimate of $479.3 billion.
Residential construction was at a seasonally adjusted annual rate of $228.9 billion in May, 2.1 percent (±1.3%) below the revised April estimate of $233.8 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $248.3 billion in May, 1.2 percent (±1.4%)* above the revised April estimate of $245.4 billion.
PUBLIC CONSTRUCTION
In May, the estimated seasonally adjusted annual rate of public construction spending was $276.3 billion, 0.8 percent (±2.2%)* below the revised April estimate of $278.6 billion.
Educational construction was at a seasonally adjusted annual rate of $68.6 billion, 2.3 percent (±3.0%)* below the revised April estimate of $70.2 billion.
Highway construction was at a seasonally adjusted annual rate of $74.7 billion, 1.5 percent (±7.5%)* below the revised April estimate of $75.9 billion.
