Non-residential construction was down to US$451.6 billion
During May 2021, construction spending in America fell at an estimated seasonally adjusted annual rate of 0.3 per cent to US$1.545 trillion.
However, this is below the revised April estimate of US$1.549 trillion, as reported by the US Census Bureau. Year-over-year, this May’s figure is 7.5 per cent above the same period last year when the numbers added up to May 2020 were estimated at US$1.437 trillion.
According to the US Census Bureau, “spending on private construction was at a seasonally adjusted annual rate of US$1.203 trillion, 0.3 per cent above the revised April estimate of US$1.206 trillion. Residential construction was at a seasonally adjusted annual rate of US$751.7 billion in May, 0.2 above the revised April estimate of US$750.3 billion.”
Meanwhile, on a seasonally adjusted basis, non-residential construction was at an annual rate of US$451.6 billion in May, a 1.1 per cent downward revision to the April estimate of $456.5 billion.
Numbers for public construction
The projected seasonally adjusted annual rate of public construction spending in May was US$342.0 billion, which is 0.2 per cent lower than the updated US$342.0 billion estimate in April. Educational construction was at a seasonally adjusted annual rate of US$82.0 billion, which is 1.9 per cent under the updated April forecast of US$83.6 billion.
Whereas highway construction was US$98.6 billion, which is 1.4 per cent above the updated April forecast of US$97.2 billion, at a seasonally adjusted annual rate.
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