Construction Spending Grows in May

U.S. construction spending in May was estimated at a seasonally adjusted annual rate of $1.9 trillion, up 0.9% from April and 2.4% higher than May 2022. Year-to-date construction spending increased 2.9% to $740.8 billion compared to the same period in 2022.

Private construction spending was $1.5 trillion, climbing 1.1% from April. Residential totals were $857.4 billion in May, 2.2% higher than the previous month. Non-residential totals dipped 0.3% from April to $655.8 billion. See U.S. Census Bureau

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