Total U.S. Construction Spending Fractionally Lower in May

On Friday (7-1-22) The U.S. Census Bureau reported that total construction spending during May 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,779.8 billion, 0.1% below the revised April estimate of $1,782.5 billion. The May figure is 9.7% above the May 2021 estimate of $1,621.9 billion. During the first five months of this year, construction spending amounted to $686.9 billion, 11.0% above the $619.0 billion for the same period in 2021.

Private construction spending was at a SAAR of $1,436.0 billion, virtually unchanged from the revised April estimate of $1,435.9 billion. Residential construction was at a SAAR of $938.2 billion in May 0.2% above the revised April estimate of $935.9 billion. Nonresidential construction was at a SAAR of $497.8 billion in May, 0.4% below the revised February estimate of $503.6 billion. In March, the estimated SAAR of public construction spending was $350.8 billion, 0.2% below the revised April estimate of $499.9 billion.

In May, the estimated seasonally adjusted annual rate of public construction spending was $343.8 billion, 0.8% below the revised April estimate of $346.6 billion. Educational construction was at a SAAR of $78.4 billion, in May, 0.4% below the revised April estimate of $78.7 billion. Highway construction was at a SAAR of $98.1 billion, 2.3% below the April estimate of $100.4 billion.