Construction spending fell 0.8% in May to $1,143.3 billion (SAAR). April’s spending estimate was revised up to $1,152.4 billion. During the first five months of the year, construction spending amounted to $438.5 billion, 8.2% higher than in the first five months of 2015.
Total private construction fell to a rate of $859.3 billion, 0.3% below the revised April estimate of $861.9 billion.
Private residential construction was at a seasonally adjusted annual rate of $451.9 billion, largely unchanged from the previous month’s rate.
Private nonresidential construction fell 0.7% to a rate of $407.4 billion, as construction related to commercial, educational, manufacturing and other segments fell.
Public construction fell 2.3% to a rate of $284.0 billion, in large part due to a 5.4% decline in educational construction.
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