May 2015 Construction at $1.036 Billion Annual Rate

The U.S. Census Bureau of the Department of Commerce recently announced that construction spending during May 2015 was estimated at a seasonally adjusted annual rate of $1,035.8 billion, 0.8% (±1.5%) above the revised April estimate of $1,027.0 billion.

The May figure is 8.2% (±2.0%) above the May 2014 estimate of $957.6 billion.

During the first 5 months of this year, construction spending amounted to $382.1 billion, 5.9% (±1.5%) above the $360.8 billion for the same period in 2014.

Private construction

Spending on private construction was at a seasonally adjusted annual rate of $752.4 billion, 0.9% (±0.8%) above the revised April estimate of $745.6 billion.

Residential construction was at a seasonally adjusted annual rate of $359.5 billion in May, 0.3% (±1.3%) above the revised April estimate of $358.5 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $392.8 billion in May, 1.5% (±0.8%) above the revised April estimate of $387.1 billion.

Public construction

In May, the estimated seasonally adjusted annual rate of public construction spending was $283.4 billion, 0.7% (±2.5%) above the revised April estimate of $281.5 billion.

Educational construction was at a seasonally adjusted annual rate of $65.3 billion, 0.7% (±3.9%) below the revised April estimate of $65.8 billion.

Highway construction was at a seasonally adjusted annual rate of $85.1 billion, 2.1% (±6.9%) above the revised April estimate of $83.3 billion.

Craig DiLouie

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