The US Census Bureau of the Department of Commerce announced Tuesday that US construction spending during May 2014 was estimated at a seasonally adjusted annual rate of $956.1 billion, 0.1 percent (±1.6 percent) above the revised April estimate of $955.1 billion. The May figure is 6.6 percent (±2.1 percent) above the May 2013 estimate of $896.6 billion. During the first 5 months of this year, construction spending amounted to $358.1 billion, 8.2 percent (±1.5 percent) above the $331.1 billion for the same period in 2013.
Spending on private construction was at a seasonally adjusted annual rate of $682.8 billion, 0.3 percent (±1.2 percent) below the revised April estimate of $684.6 billion. Residential construction was at a seasonally adjusted annual rate of $354.8 billion in May, 1.5 percent (±1.3 percent) below the revised April estimate of $360.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $328.0 billion in May, 1.1 percent (±1.2 percent) above the revised April estimate of $324.5 billion.
In May, the estimated seasonally adjusted annual rate of public construction spending was $273.3 billion, 1.0 percent (±3.0 percent) above the revised April estimate of $270.5 billion. Educational construction was at a seasonally adjusted annual rate of $62.0 billion, 0.6 percent (±5.1 percent) below the revised April estimate of $62.4 billion. Highway construction was at a seasonally adjusted annual rate of $82.7 billion, 0.7 percent (±8.1 percent) above the revised April estimate of $82.2 billion.