The US Census Bureau of the Department of Commerce announced Monday that construction spending during May 2012 was estimated at a seasonally adjusted annual rate of $830.0 billion, 0.9 percent above the revised April estimate of $822.5 billion. The May figure is 7 percent above the May 2011 estimate of $775.8 billion. During the first five months of this year, construction spending amounted to $310.5 billion, 9.4 percent above the $283.8 billion for the same period in 2011.
Spending on private construction was at a seasonally adjusted annual rate of $560.4 billion, 1.6 percent above the revised April estimate of $551.8 billion. Residential construction was at a seasonally adjusted annual rate of $261.3 billion in May, 3 percent above the revised April estimate of $253.8 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $299.1 billion in May, 0.4 percent above the revised April estimate of $298 billion. In May, the estimated seasonally adjusted annual rate of public construction spending was $269.6 billion, 0.4 percent below the revised April estimate of $270.7 billion.