U.S. Census Bureau Pegs May Value of New Construction at 6.6% Above May 2013

The U.S. Census Bureau said construction spending during May 2014 was estimated at a seasonally adjusted annual rate of $956.1 billion, 0.1% above the revised April estimate of $955.1 billion. The May figure is 6.6% above the May 2013 estimate of $896.6 billion. During the first 5 months of this year, construction spending amounted to $358.1 billion, 8.2% above the $331.1 billion for the same period in 2013.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $682.8 billion, 0.3% below the revised April estimate of $684.6 billion. Residential construction was at a seasonally adjusted annual rate of $354.8 billion in May, 1.5% below the revised April estimate of $360.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $328 billion in May, 1.1% above the revised April estimate of $324.5 billion.

Private multi-family construction showed the biggest percent increase of any construction category with its 30.7% YOY increase to $682.8 milllion. Office construction, up 23.3% YOY to $34.6 billion and electric power construction, up 23.7% YOY to $63 billion, were the two other categories with increases of better than 20%.

Public construction. In May, the estimated seasonally adjusted annual rate of public construction spending was $273.3 billion, 1% above the revised April estimate of $270.5 billion. Educational construction was at a seasonally adjusted annual rate of $62.0 billion, 0.6% below the revised April estimate of $62.4 billion.