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Construction Spending on the Decline

Phil Hall
Jul 02, 2019
Photo credit: Getty Images/whyframestudio

Construction spending during May totaled a seasonally adjusted annual rate of $1.29 billion, according to data released by the U.S. Census Bureau. May’s level was 0.8 percent below the revised April estimate of $1.3 billion and 2.3 percent below the May 2018 estimate of $1.32 billion.
 
Year-to-date, construction spending amounted to $498.8 billion, a 0.3 percent drop from the $500.3 billion total for the same period in the previous year.
 
Spending on private construction was at a seasonally adjusted annual rate of $953.2 billion, 0.7 percent below the revised April estimate of $960.3 billion. Residential construction was at a seasonally adjusted annual rate of $498.9 billion in May, down 0.6 percent from the revised April estimate of $501.7 billion. Non-residential construction was at a seasonally-adjusted annual rate of $454.3 billion in May, a 0.9 percent drop from the revised April estimate of $458.5 billion.

 
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