The U.S. Census Bureau of the Department of Commerce announced that construction spending during May 2007 was estimated at a seasonally adjusted annual rate of $1,176.6 billion, 0.9 percent above the revised April estimate. The May figure is 2.8 percent (& plusmn; 2.2%) below the May 2006 estimate of $1,210.0 billion.
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During the first five months of this year, construction spending amounted to $442.1 billion, 3.9 percent (& plusmn; 1.8%) below the $460.1 billion for the same period in 2006.
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Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $892.1 billion, 0.5 percent above the revised April estimate of $887.6 billion. Residential construction was at a seasonally adjusted annual rate of $549.0 billion in May, 0.8 percent (& plusmn; 1.3%)* below the revised April estimate of $553.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $343.1 billion in May, 2.7 percent (& plusmn; 1.3%) above the revised April estimate of $334.1 billion.
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Public Construction
In May, the estimated seasonally adjusted annual rate of public construction spending was $284.5 billion, 2.2 percent above the revised April estimate of $278.3 billion. Educational construction was at a seasonally adjusted annual rate of $79.7 billion, 0.7 percent above the revised April estimate of $79.1 billion. Highway construction was at a seasonally adjusted annual rate of $76.4 billion, 0.5 percent above the revised April estimate of $76.0 billion.