Construction spending across the country increased in May as both the private-sector and government agencies increase spending.
Construction spending increased 0.8% over April to a seasonally adjusted annual rate of $1,035.8 billion in May. That’s an 8.2 percent higher margin than the estimate for May 2014, when seasonally adjusted annual construction spending stood at $957.6 billion.
May’s numbers beat the most housing analysts’ estimates by 0.5 percent.
Since the beginning of 2015 through May, construction spending reached $382.1 billion, or a 5.9 percent increase over the $360.8 billion spent for the same period in 2014.
May spending on private construction–which accounts for more than 70 percent of all construction spending–rose 0.9 percent, to a seasonally adjusted annual rate of $752.4 billion. Private construction includes commercial buildings, private schools, lodging and other non-residential private projects, as well as new single-family homes and apartments.
Within the private sector number lies residential construction and at a seasonally adjusted annual rate we saw $359.5 billion spent. That’s a 0.3 percent increase over April’s level.
Non-residential construction stood at $392.8 billion in May, or 1.5 percent above April’s pace.
Public construction rose 0.7 percent in May, to a seasonally adjusted annual rate of $283.4 billion. Educational construction stood at $65.3 billion, or 0.7 percent below April’s rate. Highway construction was at a seasonally adjusted annual rate of $85.1 billion or 2.1 percent above April.
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