U.S. Monthly Construction Spending Declines Month-Over-Month but Up Year-Over-Year in May

Total Construction

On Monday (7-1-24), The U.S. Census Bureau reported that total construction spending during May 2024 was estimated at a seasonally adjusted annual rate (SAAR) of $2,139.8 billion, 0.1% below the revised April estimate of $2,142.1 billion. The May 2024 figure is 6.4% above the May 2023 estimate of $2,011.8 billion.

The Census Bureau is reporting that during the first five months of 2024, construction spending amounted to $836.3 billion, 8.8% above the $768.6 billion for the same period in 2023.

Private Construction

In May 2024 private construction spending was at a SAAR of $1,652.1 billion, 0.3% below the revised April estimate of $1,656.7 billion. Residential construction was at a SAAR of $918.2 billion in May, 0.2% below the revised April estimate of $920.3 billion. Nonresidential construction was at a SAAR of $733.9 billion in May, 0.3% below the revised April estimate of $736.5 billion.

Public Construction

In May, the estimated seasonally adjusted annual rate of public construction spending was $487.6 billion, 0.5% above the revised April estimate of $485.4 billion. Educational construction was at a seasonally adjusted annual rate of $102.1 billion, 0.6% above the April estimate of $101.5 billion. Highway construction was at a SAAR of $147.6 billion, 0.5% below the revised April estimate of $148.3 billion.