Value of Construction Put in Place Down Slightly in May

Total construction spending during May 2019 dipped slightly for the month but is down 2.3% from May 2018

U.S. Census Bureau
Census Bureau1

The U.S. Census Bureau announced the following value put in place construction statistics for May 2019.

Total construction spending during May 2019 was estimated at a seasonally adjusted annual rate of $1,293.9 billion, 0.8% (±1.2%) below the revised April estimate of $1,304.0 billion. The May figure is 2.3% (±1.5%) below the May 2018 estimate of $1,324.3 billion.

During the first five months of this year, construction spending amounted to $498.8 billion, 0.3% (±1.3%) below the $500.3 billion for the same period in 2018.

Spending on private construction was at a seasonally adjusted annual rate of $953.2 billion, 0.7% (±0.7%) below the revised April estimate of $960.3 billion. Residential construction was at a seasonally adjusted annual rate of $498.9 billion in May, 0.6% (±1.3%) below the revised April estimate of $501.7 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $454.3 billion in May, 0.9% (±0.7%) below the revised April estimate of $458.5 billion. Spending gains in areas such as transportation (+4%) and construction (+1.3%) were offset by declines in a number of segments, including religion (-5.5), commercial (-3.3%) and highway and street (-3.4%).

In May, the estimated seasonally adjusted annual rate of public construction spending was $340.6 billion, 0.9% (±2.1%) below the revised April estimate of $343.7 billion. Educational construction was at a seasonally adjusted annual rate of $79.3 billion, nearly the same as (±2.6%) the revised April estimate of $79.3 billion. Highway construction was at a seasonally adjusted annual rate of $111.6 billion, 3.2% (±6.1%) below the revised April estimate of $115.4 billion.

On a year-over-year basis, private construction for May was 6.3% below May 2018, with residential spending down 11.2% and nonresidential up 4.4%. Nonresidential spending was led by double-digit gains in several segments, including sewage and waste disposal (+19.0%), manufacturing (+13.4%), highway and street (+17.1%) and transportation (+13.1). Public construction spending leapt 10.8% year-over-year, led by a 17.9% gain in transportation, 14.0% increase in manufacturing and 9.3% increase for new multifamily.

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The June 2019 Monthly Construction Spending Report is scheduled for release on August 1, 2019.

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