The Census Bureau reports that construction spending rose in May, but not by much.
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during May 2012 was estimated at a seasonally adjusted annual rate of $830.0 billion, 0.9 percent (±1.5%)* above the revised April estimate of $822.5 billion. The May figure is 7.0 percent (±2.0%) above the May 2011 estimate of $775.8 billion.
During the first 5 months of this year, construction spending amounted to $310.5 billion, 9.4 percent (±1.6%) 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 (±1.6%)* above the revised April estimate of $551.8 billion. Residential construction was at a seasonally adjusted annual rate of $261.3 billion in May, 3.0 percent (±1.3%) 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 (±1.6%)* above the revised April estimate of $298.0 billion.
In May, the estimated seasonally adjusted annual rate of public construction spending was $269.6 billion, 0.4 percent (±2.1%)* below the revised April estimate of $270.7 billion. Educational construction was at a seasonally adjusted annual rate of $65.0 billion, 3.0 percent (±3.8%)* below the revised April estimate of $67.0 billion. Highway construction was at a seasonally adjusted annual rate of $78.0 billion, 0.5 percent (±6.3%)* below the revised April estimate of $78.4 billion.
