June 29, 2007 -Construction Spending Increased In May

The U.S. Census Bureau of the Department of Commerce announced June 29 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 of $1,166.0 billion. However, the May figure is still 2.8 percent below last year’s same-time figures.

The Bureau also reported that during the first five months of this year, construction spending amounted to $442.1 billion, 3.9 percent below the $460.1 billion for the same period in 2006.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $892.1 billion, 0.5 percent above April’s estimate.

Residential construction was at a seasonally adjusted annual rate of $549.0 billion in May (0.8 percent below April). Nonresidential construction was at a seasonally adjusted annual rate of $343.1 billion in May (2.7 percent above the previous month).