U.S. Construction Spending Report for May 2020

The U.S. Census Bureau is reporting that total construction spending during May 2020 was estimated at a seasonal adjusted annual rate (SAAR) of $1,356.4 billion. This is -2.1% below the revised April estimate of $1,386.1 billion but is 0.3% above the May 2019 estimate. For the first five months of 2020, construction spending amounted to $543.2 billion, which is 5.7% above for the same time period in 2019. Spending on private construction was at a SAAR of $1,001.2 billion, -3.3% below the revised April estimate. Residential construction was at a SAAR of $535.9 billion in May, -4.0% below the revised April estimate. Nonresidential construction was at a SAAR of $465.3 billion in May, -2.4% below the revised April estimate. In May, the estimated SAAR of public construction spending was $355.2 billion, 1.2% above the revised April estimate. Educational construction was at a SAAR of $87.3 billion, 0.1% above the revised April estimate. Highway construction was at a seasonally adjusted annual rate of $106.6 billion, 2.8% above the revised April estimate.