(Photo by Joe Raedle/Getty Images)
Electricalmarketing 3012 Gettyimages 451816748constructioncranes595
Electricalmarketing 3012 Gettyimages 451816748constructioncranes595
Electricalmarketing 3012 Gettyimages 451816748constructioncranes595
Electricalmarketing 3012 Gettyimages 451816748constructioncranes595
Electricalmarketing 3012 Gettyimages 451816748constructioncranes595

Value of New Construction Drops -1.1% in May But is Tracking +6.1% Year-Over-Year

Aug. 3, 2018
The June figure from the U.S. Census Bureau is +6.1% above the June 2017 estimate of $1,241.3 billion.

Construction spending during June 2018 was estimated at a seasonally adjusted annual rate of $1,317.2 billion, -1.1% below the revised May estimate of $1,332.2 billion. The June figure from the U.S. Census Bureau is +6.1% above the June 2017 estimate of $1,241.3 billion. During the first six months of this year, construction spending amounted to $619.9 billion, +5.1% $589.6 billion for the same period in 2017.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $1,019.8 billion, -0.4% below the revised May estimate of $1,023.9 billion. Residential construction was at a seasonally adjusted annual rate of $568.3 billion in June, -0.5% below the revised May estimate of $570.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $451.5 billion in June, -0.3% below the revised May estimate of $453.0 billion. Private hospital construction showed a notable increase over last year, tallying $22,005 million through June, a +12.3% increase over last year.

Public construction. In June, the estimated seasonally adjusted annual rate of public construction spending was $297.4 billion, -3.5% below the revised May estimate of $308.3 billion. Educational construction was at a seasonally adjusted annual rate of $67.9 billion, -11% below the revised May estimate of $76.3 billion. It appears that a -14.6% decrease from May in primary/secondary education construction to $14,875 million was responsible for much of the decline in the overall  educational category.