January through May Construction Spending Outpaces Same Period in 2011

The U.S. Census Bureau of the Department of Commerce has announced construction spending during May 2012 was estimated at a seasonally adjusted annual rate of $830 billion, 0.9 percent (±1.5 percent) above the revised April estimate of $822.5 billion. The May figure is 7 percent (±2.0 percent) above the May 2011 estimate of $775.8 billion.

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

Spending on private construction was at a seasonally adjusted annual rate of $560.4 billion, 1.6 percent (±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 (±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 percent (±1.6 percent) above the revised April estimate of $298.0 billion.

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