Construction Spending in May Down -0.3%, Month-Over-Month but Up 7.5% Year-Over-Year

The U.S. Census Bureau has announced that total construction spending during May 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,545.3 billion, -0.3% below the revised April estimate of $1,549.50 billion. The May figure is 7.5% above the May 2020 estimate of $1,437.7 billion. During the first five months of this year, construction spending amounted to $594.8 billion, 4.6% above the $568.5 billion for the same period in 2020. Private construction spending was at a SAAR of $1,203.3 billion, -0.3% below the revised April estimate of $1,206.8 billion. Residential construction was at a SAAR of $751.7 billion in May, 0.2% above the revised April estimate of $721.8 billion. Nonresidential construction was at a SAAR of $451.6 billion in May, -1.1% below the revised April estimate of $456.5 billion. In May, the estimated SAAR of public construction spending was $342.0 billion which was -0.2% below the revised April estimate of $342.7 billion. Educational construction was at SAAR $82.0 billion, -0.5% below the revised April estimate. Highway construction was at SAAR of $98.6 billion, 1.4% above the revised April estimate.