July 12, 2021
Total Construction
During May 2021, construction spending fell at an estimated seasonally adjusted annual rate of 0.3% (±1.0%) to $1,545.3 billion below the revised April estimate of $1,549.5 billion, reported by US Census Bureau. This May figure is 7.5% (±1.3%) above the May 2020 estimate of $1,437.7 billion.
Private Construction
According to US Census Bureau, “spending on private construction was at a seasonally adjusted annual rate of $1,203.3 billion, 0.3% (±0.8%) above the revised April estimate of $1,206.8 billion. Residential construction was at a seasonally adjusted annual rate of $751.7 billion in May, 0.2 (±1.3%)* above the revised April estimate of $750.3 billion.” Meanwhile, on a seasonally adjusted basis, nonresidential construction was at an annual rate of $451.6 billion in May, a 1.1% (±0.8%) downward revision to the April estimate of $456.5 billion.
Public Construction
The projected seasonally adjusted annual rate of public construction spending in May was $342.0 billion, 0.2% (±1.8%) lower than the updated $342.0 billion April estimate. Educational construction was at a seasonally adjusted annual rate of $82.0 billion, 1.9% (±1.8%) under the updated April forecast of $83.6 billion. Whereas highway construction was $98.6 billion, 1.4% (±6.1%) above the updated April forecast of $97.2 billion, at a seasonally adjusted annual rate.
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