The U.S. Census Bureau of the Department of Commerce announced that construction spending during May 2013 was estimated at a seasonally adjusted annual rate of $874.9 billion, 0.5 percent (±1.6 percent) above the revised April estimate of $870.3 billion. The May figure is 5.4 percent (±2.1 percent) above the May 2012 estimate of $830.4 billion.
During the first 5 months of this year, construction spending amounted to $326.2 billion, 6.2 percent (±1.5 percent) above the $307.0 billion for the same period in 2012.
Public Construction
In May, the estimated seasonally adjusted annual rate of public construction spending was $269.5 billion, 1.8 percent (±3.0 percent) above the revised April estimate of $264.7 billion. Educational construction was at a seasonally adjusted annual rate of $60.4 billion, 0.4 percent (±3.5 percent) above the revised April estimate of $60.1 billion.
Highway construction was at a seasonally adjusted annual rate of $78.3 billion, 0.8 percent (±9.5 percent) above the revised April estimate of $77.7 billion.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $605.4 billion, nearly the same as (±1.0 percent) the revised April estimate of $605.7 billion. Residential construction was at a seasonally adjusted annual rate of $322.3 billion in May, 1.2 percent (±1.3 percent) above the revised April estimate of $318.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $283.1 billion in May, 1.4 percent (±1.0 percent) below the revised April estimate of $287.1 billion.