Construction spending during May 2011 was estimated at a seasonally adjusted annual rate of $753.5 billion, 0.6 percent below April, according to the U.S. Census Bureau of the Department of Commerce. The May figure is 7.1 percent below May 2010.
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During the first five months of this year, construction spending amounted to $285.1 billion, 6.3 percent below the $304.4 billion for the same period in 2010.
Spending on private construction was at a seasonally adjusted annual rate of $477.2 billion, 0.4 percent below April. Residential construction was at a seasonally adjusted annual rate of $228.9 billion in May, 2.1 percent below April. Nonresidential construction was at a seasonally adjusted annual rate of $248.3 billion in May, 1.2 percent above April.
In May, the estimated seasonally adjusted annual rate of public construction spending was $276.3 billion, 0.8 percent below April. Educational construction was at a seasonally adjusted annual rate of $68.6 billion, 2.3 percent below April. Highway construction was at a seasonally adjusted annual rate of $74.7 billion, 1.5 percent below April.
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