The US Census Bureau of the Department of Commerce announced Monday that construction spending during May 2013 was estimated at a seasonally adjusted annual rate of $874.9 billion, 0.5 percent above the revised April estimate of $870.3 billion. The May figure is 5.4 percent above the May 2012 estimate of $830.4 billion. During the first five months of this year, construction spending amounted to $326.2 billion, 6.2 percent above the $307 billion for the same period in 2012.
Spending on private construction was at a seasonally adjusted annual rate of $605.4 billion, nearly the same as the revised April estimate of $605.7 billion. Residential construction was at a seasonally adjusted annual rate of $322.3 billion in May, 1.2 percent above the revised April estimate of $318.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $283.1 billion in May, 1.4 percent below the revised April estimate of $287.1 billion.
In May, the estimated seasonally adjusted annual rate of public construction spending was $269.5 billion, 1.8 percent above the revised April estimate of $264.7 billion. Educational construction was at a seasonally adjusted annual rate of $60.4 billion, 0.4 percent above the revised April estimate of $60.1 billion. Highway construction was at a seasonally adjusted annual rate of $78.3 billion, 0.8 percent above the revised April estimate of $77.7 billion.