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Electricalmarketing 2895 Electrical Construction Gettyimages 578300794 1024
Electricalmarketing 2895 Electrical Construction Gettyimages 578300794 1024
Electricalmarketing 2895 Electrical Construction Gettyimages 578300794 1024
Electricalmarketing 2895 Electrical Construction Gettyimages 578300794 1024
Electricalmarketing 2895 Electrical Construction Gettyimages 578300794 1024

Value of New Construction Sees Nice Boost in May

July 6, 2018
Construction overall is up 4.5% to $1,309.5 billion.

Construction spending during May 2018 was estimated at a seasonally adjusted annual rate of $1,309.5 billion, +0.4% above the revised April estimate of $1,304.5 billion, according to the U.S. Department of Commerce. The May figure is +4.5% above the May 2017 estimate of $1,253.6 billion. During the first five months of this year, construction spending amounted to $497.1 billion, +4.3% above the $476.7 billion for the same period in 2017.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $1,005.4 billion, +0.3% above the revised April estimate of $1,002.3 billion. Residential construction was at a seasonally adjusted annual rate of $553.8 billion in May, +0.8% above the revised April estimate of $549.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $451.5 billion in May, -0.3% below the revised April estimate of $453.0 billion. Single-family building stood out with a +8.2% year-over-year increase to $288.3 billion. Office construction was also solid for the month, up +1.4% over April to $63 billion. That’s up +9.7% over May 2017.

Public construction. In May, the estimated seasonally adjusted annual rate of public construction spending was $304.1 billion, +0.7% above the revised April estimate of $302.1 billion. Educational construction was at a seasonally adjusted annual rate of $74.3 billion, +0.9% above the revised April estimate of $73.6 billion. On a year-over-year basis, this important construction segment for the electrical wholesaling industry was only up +0.4% over April 2017.