The US Census Bureau of the Department of Commerce announced today that construction spending during May 2016 was estimated at a seasonally adjusted annual rate of $1,143.3 billion, 0.8 percent (±1.3 percent) below the revised April estimate of $1,152.4 billion. The May figure is 2.8 percent (±1.6 percent) above the May 2015 estimate of $1,112.2 billion.
During the first 5 months of this year, construction spending amounted to $438.5 billion, 8.2 percent (±1.3 percent) above the $405.4 billion for the same period in 2015.
Spending on private construction was at a seasonally adjusted annual rate of $859.3 billion, 0.3 percent (±1.0 percent) below the revised April estimate of $861.9 billion. Residential construction was at a seasonally adjusted annual rate of $451.9 billion in May, nearly the same as (±1.3 percent) the revised April estimate of $451.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $407.4 billion in May, 0.7 percent (±1.0 percent) below the revised April estimate of $410.1 billion.
In May, the estimated seasonally adjusted annual rate of public construction spending was $284.0 billion, 2.3 percent (±2.6 percent) below the revised April estimate of $290.5 billion. Educational construction was at a seasonally adjusted annual rate of $66.8 billion, 5.4 percent (±3.5 percent) below the revised April estimate of $70.6 billion. Highway construction was at a seasonally adjusted annual rate of $88.9 billion, 0.2 percent (±8.1 percent) below the revised April estimate of $89.1 billion.