The U.S. Census Bureau of the Department of Commerce announced today that construction spending during May 2012 was estimated at a seasonally adjusted annual rate of $830.0 billion, 0.9% (±1.5%) above the revised April estimate of $822.5 billion. The May figure is 7.0% (±2.0%) above the May 2011 estimate of $775.8 billion.

During the first 5 months of this year, construction spending amounted to $310.5 billion, 9.4% (±1.6%) above the $283.8 billion for the same period in 2011.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $560.4 billion, 1.6% (±1.6%) above the revised April estimate of $551.8 billion. Residential construction was at a seasonally adjusted annual rate of $261.3 billion in May, 3.0% (±1.3%) above the revised April estimate of $253.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $299.1 billion in May, 0.4% (±1.6%) above the revised April estimate of $298.0 billion.

Public Construction

In May, the estimated seasonally adjusted annual rate of public construction spending was $269.6 billion, 0.4% (±2.1%)* below the revised April estimate of $270.7 billion. Educational construction was at a seasonally adjusted annual rate of $65.0 billion, 3.0% (±3.8%)* below the revised April estimate of $67.0 billion. Highway construction was at a seasonally adjusted annual rate of $78.0 billion, 0.5% (±6.3%) below the revised April estimate of $78.4 billion.

Read the full May U.S. Census Bureau Construction Spending Report.