Total construction spending in May 2017 amounted to $1,230.1 billion according to the U.S. Census Bureau. This is nearly the same as April’s total spendings with a revised estimate of $1,239.4 billion. The May 2017 spending is above the recorded $1.17 billion rate in May of 2016.
- On the seasonally adjusted annual rate, private construction spending decreased 0.6 percent in May 2017. An estimated $949.3 billion was recorded in April, while May’s spending amounted to $943.2 billion.
- Also falling 0.0 percent from the revised April estimate is the private residential construction spending at the seasonally adjusted annual rate. May’s spending estimate is 509.6 billion while that of the previous month’s was 512.7 billion (revised estimate).
- For the private nonresidential construction at the seasonally adjusted annual rate, spending was estimated $433.6 billion in May from April’s revised estimate of $436.7 billion. That accounts to 0.7 slight drop month-over-month.
- Overall public construction spendings, however, took a more positive curve. For the seasonally adjusted annual rate, May had $286.9 billion. This is a 2.1 percent rise from April with 281.0 billion (revised estimate)
- Under public construction, educational construction spendings also rose, increasing 5.1 percent from April estimate of $70.7 percent. For May, the spending was estimated at $74.3 billion.
- On the seasonally adjusted annual rate, highway constructions took a 0.9 fall from April revised estimate of 91.5 billion. Spending was at $90.6 billion in May of 2017.
Although this measure has little effects on the market, the values will help forecast many other activities that can affect the nation’s overall economy. Construction investments are important values to factor in when the GDP is calculated.
This monthly survey is done by the United States Census Bureau. It provides an estimate of the total spendings for construction works done in the country through the Value of Construction Put in Place Survey. The survey’s next release will be on August 1, 2017.