The Department of Commerce reported that construction spending during May 2013 was estimated at a seasonally adjusted annual rate of $874.9 billion, 0.5% above the revised April estimate of $870.3 billion. The May figure is 5.4% percent above the May 2012 estimate of $830.4 billion. During the first five months of this year, construction spending amounted to $326.2 billion, 6.2% above the $307 billion for the same period in 2012.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $605.4 billion, nearly the same as the revised April estimate of $605.7 billion. Residential construction was at a seasonally adjusted annual rate of $322.3 billion in May, 1.2% above the revised April estimate of $318.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $283.1 billion in May, 1.4% below the revised April estimate of $287.1 billion. Of the major construction categories, manufacturing showed the biggest change, with an 8.1% decrease to $43.8 billion. The construction of private manufacturing facilities was also down 3.4% YTY.
Public construction. In May, the estimated seasonally adjusted annual rate of public construction spending was $269.5 billion, 1.8% above the revised April estimate of $264.7 billion. Educational construction was at a seasonally adjusted annual rate of $60.4 billion, 0.4% above the revised April estimate of $60.1 billion.
Public commercial construction continued to be the soft spot in this segment, with a 15.9% decline to $2.4 billion. It was down 25.8% YTY in May. The construction of health-care facilities, one of the other largest segments of public construction, was up 1.8% to $10.9 billion.