Wednesday, July 1, 2015

Construction Spending Increased in May

Construction spending increased 0.8% in May to a seasonally adjusted annual rate (SAAR) of $1,035.8 billion. April spending was revised up from $1,006.1 billion to $1,027.0 billion. Construction spending during the first five months of 2015 amounted to $382.1 billion, 5.9% higher than in the first 5 months of 2014.

Total private construction rose to $752.4 billion (SAAR), 0.9% higher than the revised April estimate of $745.6 billion.

Private residential construction rose to $359.5 billion (SAAR), 0.3% higher than April’s estimate, as construction of multi-family homes increased for the month.

Private non-residential construction rose to $392.8 billion (SAAR), up 1.5% on the month and 12.7% from a year ago. Growth in commercial construction declined for the month, slowing by 2.0%, while manufacturing construction grew 6.2%.

Public construction spending grew 0.7% to $283.4 billion (SAAR). Growth for educational construction fell 0.7% on the month, while highway spending rose 2.1% to an annual rate of $85.1 billion.

Read the Census release.

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