Construction Spending Rose 0.9% in May

Washington, DC, July 3, 2023-- Construction spending during May 2023 was estimated at a seasonally adjusted annual rate of $1,925.6 billion, 0.9% above the revised April estimate of $1,909.0 billion, according to the U.S. Census Bureau. The May figure is 2.4% above the May 2022 estimate of $1,880.9 billion. During the first five months of this year, construction spending amounted to $740.8 billion, 2.9% above the $719.6 billion for the same period in 2022.

Spending on private construction was at a seasonally adjusted annual rate of $1,513.2 billion, 1.1% above the revised April estimate of $1,497.2 billion. Residential construction was at a seasonally adjusted annual rate of $857.4 billion in May, 2.2% above the revised April estimate of $839.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $655.8 billion in May, 0.3% below the revised April estimate of $657.8 billion.

In May, the estimated seasonally adjusted annual rate of public construction spending was $412.4 billion, 0.1% above the revised April estimate of $411.8 billion. Educational construction was at a seasonally adjusted annual rate of $87.7 billion, virtually unchanged from the revised April estimate of $87.7 billion. Highway construction was at a seasonally adjusted annual rate of $124.6 billion, 0.4% below the revised April estimate of $125.1 billion.