Construction Spending Slipped 0.3% in May

Washington, DC, July 1, 2021-Construction spending during May 2021 was estimated at a seasonally adjusted annual rate of $1,545.3 billion, 0.3% below the revised April estimate of $1,549.5 billion, according to the U.S. Census Bureau.

The May figure is 7.5% above the May 2020 estimate of $1,437.7 billion.

During the first five months of this year, construction spending amounted to $594.8 billion, 4.6% above the $568.5 billion for the same period in 2020.

Spending on private construction was at a seasonally adjusted annual rate of $1,203.3 billion, 0.3% below the revised April estimate of $1,206.8 billion. Residential construction was at a seasonally adjusted annual rate of $751.7 billion in May, 0.2% above the revised April estimate of $750.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $451.6 billion in May, 1.1% below the revised April estimate of $456.5 billion.

In May, the estimated seasonally adjusted annual rate of public construction spending was $342.0 billion, 0.2% below the revised April estimate of $342.7 billion. Educational construction was at a seasonally adjusted annual rate of $82.0 billion, 1.9% below the revised April estimate of $83.6 billion. Highway construction was at a seasonally adjusted annual rate of $98.6 billion, 1.4% above the revised April estimate of $97.2 billion.