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Electricalmarketing Com Sites Electricalmarketing com Files Uploads 2016 06 24 20160708em Valcon1 595

U.S. Commerce Dept. Reports Slight Dip in May Value of New Construction

July 8, 2016
In May, the estimated seasonally adjusted annual rate of public construction spending was $284 billion, 2.3% below the revised April estimate of $290.5 billion.

The U.S. Department of Commerce said construction spending during May 2016 was estimated at a seasonally adjusted annual rate of $1,143.3 billion, 0.8% below the revised April estimate of $1,152.4 billion. The May figure is 2.8% above the May 2015 estimate of $1,112.2 billion. During the first five months of this year, construction spending amounted to $438.5 billion, 8.2% above the $405.4 billion for the same period in 2015.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $859.3 billion, 0.3% below the revised April estimate of $861.9 billion. Residential construction was at a seasonally adjusted annual rate of $451.9 billion in May, nearly the same as the revised April estimate of $451.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $407.4 billion in May, 0.7% below the revised April estimate of $410.1 billion. Multi-family residential construction (+23.9%); Lodging (20.6%); Office (22.5%); and Amusement and Recreation (20.1)%  were the categories showing the biggest year-over-year increases.

Public construction. In May, the estimated seasonally adjusted annual rate of public construction spending was $284 billion, 2.3% below the revised April estimate of $290.5 billion. Educational construction was at a seasonally adjusted annual rate of $66.8 billion, 5.4% below the revised April estimate of $70.6 billion.

The $6.5 billion decline in public construction from the April data accounts for a significant chunk of the overall decline. Within this category, educational construction slid the most, losing $3.8 billion from April’s mark.