Construction spending during May 2024 was estimated at a seasonally adjusted annual rate of $2,139.8 billion, 0.1% below the revised April estimate of $2,142.1 billion. The May figure is 6.4% above May 2023.
Don’t miss any content from Distribution Strategy Group. Join our list.
During the first five months of the year, total construction spending was $836.3 billion, 8.8% above the $768.6 billion for the same period in 2023.
Spending on private construction was at a seasonally adjusted annual rate of $1,652.1 billion, 0.3% below April.
Residential construction was at a seasonally adjusted annual rate of $918.2 billion in May, 0.2% below April estimate. Nonresidential construction was at a seasonally adjusted annual rate of $733.9 billion in May, 0.3% below April.
In May, the estimated seasonally adjusted annual rate of public construction spending was $487.6 billion, 0.5% above April.
Educational Construction was at a seasonally adjusted annual rate of $102.1 billion, 0.6% above April.
Highway construction was at a seasonally adjusted annual rate of $147.6 billion, 0.5% below April.
