Construction spending during May 2019 was estimated at a seasonally adjusted annual rate of $1,293.9 billion, 0.8 percent (±1.2 percent)* below the revised April estimate of $1,304.0 billion, the Census Bureau reported Monday.
The May figure is 2.3% below the May 2018 estimate of $1,324.3 billion. During the first five months of this year, construction spending amounted to $498.8 billion, 0.3% below the $500.3 billion for the same period in 2018.
Spending on private construction was at a seasonally adjusted annual rate of $953.2 billion, 0.7% below the revised April estimate of $960.3 billion. Residential construction was at a seasonally adjusted annual rate of $498.9 billion in May, 0.6% below the revised April estimate of $501.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $454.3 billion in May, 0.9% below the revised April estimate of $458.5 billion.
In May, the estimated seasonally adjusted annual rate of public construction spending was $340.6 billion, 0.9% below the revised April estimate of $343.7 billion. Educational construction was at a seasonally adjusted annual rate of $79.3 billion, nearly the same as the revised April estimate of $79.3 billion. Highway construction was at a seasonally adjusted annual rate of $111.6 billion, 3.2% below the revised April estimate of $115.4 billion.
