U.S. construction spending in May was estimated at a seasonally adjusted annual rate of $2.1 trillion, dipping 0.1% from April but 6.4% higher than the same month in 2023.
Private spending fell 0.3% to $1.65 trillion in May. Residential levels dropped 0.2% to $918.2 billion while non-residential totals were down 0.3% to $733.9 billion from April.
In both the private and public sectors, educational spending was $126.0 billion, shrinking 0.2% from the previous month but up 6.5% from May 2023. Construction spending in healthcare was $66.6 billion, 1.4% lower than April but increased 3.0% from the comparable month last year. Commercial construction spending totaled $126.8 billion, a decline of 0.5% from April and 13.0% from May 2023. See U.S. Census Bureau