May Construction Spending Maintains Solid Pace with +6.4% YOY Increase Over May 2023

Construction spending during May 2024 was estimated at a seasonally adjusted annual rate of $2,139.8 billion, -0.1% below the revised April estimate of $2,142.1 billion. The May figure is +6.4% above the May 2023 estimate of $2,011.8 billion. During the first five months of this year, construction spending amounted to $836.3 billion, +8.8% above the $768.6 billion for the same period in 2023.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $1,652.1 billion, -0.3%  below the revised April estimate of $1,656.7 billion. Residential construction was at a seasonally adjusted annual rate of $918.2 billion in May, -0.2% below the revised April estimate of $920.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $733.9 billion in May,- 0.3%  below the revised April estimate of $736.5 billion.
Private manufacturing construction continues to outpace residential and other types of nonresidential and commercial construction with a +20.2% YOY increase over May 2023 and a +1.3% monthly increase to $233.3 billion. With its +31.3% YOY increase, the Computer/Electronic/Electrical category  continues to support much of this growth.
Public construction. In May, the estimated seasonally adjusted annual rate of public construction spending was $487.6 billion, +0.5% above the revised April estimate of $485.4 billion. Educational construction was at a seasonally adjusted annual rate of $102.1 billion, +0.6%  above the revised April estimate of $101.5 billion. Highway construction was at a seasonally adjusted annual rate of $147.6 billion, -0.5% below the revised April estimate of $148.3 billion.