July 9, 2012: May Construction Spending Up 0.9 Percent Over April; Up 7 Percent Over May 2011
WASHINGTON — The U.S. Census Bureau of the Department of Commerce has announced that construction spending during May 2012 was estimated at a seasonally adjusted annual rate of $830 billion, 0.9 percent above the revised April estimate of $822.5 billion. The May 2012 figure is 7 percent above the May 2011 estimate of $775.8 billion.
Spending on private construction was at a seasonally adjusted annual rate of $560.4 billion, 1.6 percent 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 percent 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 percent above the revised April estimate of $298.0 billion.