Construction spending in the U.S. was
essentially flat in May although there were gains from one year earlier. A small gain in spending by the public sector
was partially offset by a loss in private spending. The U.S. Census Bureau estimated total
construction spending during the month at a seasonally adjusted annual rate of
$956.1 billion, up 0.1 percent from the April estimate of $955.1 billion and
6.6 percent higher than spending in May 2013 which was at a rate of $896.6
billion. Residential spending totaled
$359.9 billion, a decrease of 1.4 percent from April's $365.2 billion but 7.0
percent higher than the $336.3 billion spending rate in May 2013.
On a non-seasonally adjusted basis
overall spending in May was $81.4 billion compared to $78.4 billion in April
and 76.9 billion in May 2013.
Non-seasonally adjusted spending on residential construction was $31.3
billion compared to $29.6 billion and $29.5 billion for the two earlier periods. Year-to-date residential spending this year
is $135.7 billion compared to $122.6 billion in 2013.
Private spending was at a seasonally
adjusted annual rate of $682.8 billion.
This was 0.3 percent below the pace in April of $684.6 billion but a
significant 9.0 percent above the seasonally adjusted pace of $626.5 billion one
year earlier. On a non-seasonally
adjusted basis total private spending was $58.1 billion in May compared to
$56.6 billion in April, and $53.9 billion a year earlier. Year-to-date spending in 2014 is $262.9
billion against $235.1 billion in 2013, an increase of 11.9 percent
Residential construction was at a
seasonally adjusted rate of $354.8 billion, 1.5 percent below the figure for
April, $360.1 billion, and 7.5 percent above the May 2013 pace of $330.1
billion. Non-seasonally adjusted
private residential spending in May was $30.9 billion against $29.2 billion in
April and $28.9 billion in May 2013.
Year-to-date residential expenditures are $133.7 billion, 11.2 percent higher
than the $120.2 billion spent by the end of May 2013.
Total public expenditures for construction
in May were at a rate of $273.3 billion, up 1.0 percent from April's $270.5
billion and 1.2 percent above May 2013's rate of $270.1 billion. Residential expenditures in May were at an
annual rate of $5.2 billion compared to $5.1 billion in April (+1.0) and $6.3
billion in May 2013 (-17.9 percent).