Total construction spending in May 2023 was up 0.9% from the revised April estimate, according to the U.S. Census Bureau. Spending in May was up 2.4% from the prior-year period. Spending in the first five months of 2023 was $740.8 billion, up 2.9% from the prior-year period.
Private construction spending was up 1.1% from April. Residential construction was up 2.2% from April. Nonresidential construction was 0.3% above April.
The estimated seasonally adjusted annual rate of public construction spending in May 2023 was 0.1% above April. Educational construction was unchanged from April. Highway construction was down 0.4% from April.