Total Construction Spending Stays Steady with +2.4% YOY Increase to $1,925.6 Billion

Construction spending during May 2023 was estimated at a seasonally adjusted annual rate of $1,925.6 billion, +0.9% above the revised April estimate of $1,909 billion. According to the U.S. Census Dept., the May figure is +2.4% above the May 2022 estimate of $1,880.9 billion. During the first five months of this year, construction spending amounted to $740.8 billion, +2.9% above the $719.6 billion for the same period in 2022.

Private construction

Spending on private construction was at a seasonally adjusted annual rate of $1,513.2 billion, +1.1% above the revised April estimate of $1,497.2 billion. Residential construction was at a seasonally adjusted annual rate of $857.4 billion in May, +2.2% above the revised April estimate of $839.4 billion. Multi-family construction was up +20.4% year-over-year (YOY) to $127.7 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $655.8 billion in May, -0.3% below the revised April estimate of $657.8 billion.

The Private Manufacturing category continues its torrid pace this year and registered a +76.9% YOY gain to $193.9 billion. The leading sub-category was once again Computer/electronic/electrical, up +234.5% to $112.4 billion in May.

Public construction

In May, the estimated seasonally adjusted annual rate of public construction spending was $412.4 billion, +0.1% above the revised April estimate of $411.8 billion. Educational construction was at a seasonally adjusted annual rate of $87.7 billion, virtually unchanged from the revised April estimate of $87.7 billion.