U.S. Department of Commerce Reports Construction in May Increased 5.4% YTY

The Department of Commerce reported that construction spending during May 2013 was estimated at a seasonally adjusted annual rate of $874.9 billion, 0.5% above the revised April estimate of $870.3 billion. The May figure is 5.4% percent above the May 2012 estimate of $830.4 billion. During the first five months of this year, construction spending amounted to $326.2 billion, 6.2% above the $307 billion for the same period in 2012.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $605.4 billion, nearly the same as the revised April estimate of $605.7 billion. Residential construction was at a seasonally adjusted annual rate of $322.3 billion in May, 1.2% above the revised April estimate of $318.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $283.1 billion in May, 1.4% below the revised April estimate of $287.1 billion. Of the major construction categories, manufacturing showed the biggest change, with an 8.1% decrease to $43.8 billion. The construction of private manufacturing  facilities was also down 3.4% YTY.