The U.S. Census Bureau of the Department of Commerce announced that construction spending during May 2010 was estimated at a seasonally adjusted annual rate of $841.9 billion, 0.2 percent below the revised April estimate of $843.3 billion. The May figure is 8 percent below the May 2009 estimate of $915.4 billion. During the first 5 months of this year, construction spending amounted to $314.2 billion, 12 percent below the $356.9 billion for the same period in 2009.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $536.3 billion, 0.5 percent below the revised April estimate of $538.9 billion. Residential construction was at a seasonally adjusted annual rate of $260.8 billion in May, 0.4 percent below the revised April estimate of $261.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $275.6 billion in May, 0.6 percent below the revised April estimate of $277.2 billion.
Public construction. In May, the estimated seasonally adjusted annual rate of public construction spending was $305.5 billion, 0.4 percent above the revised April estimate of $304.4 billion. Educational construction was at a seasonally adjusted annual rate of $74.0 billion, 0.9 percent below the revised April estimate of $74.6 billion. Highway construction was at a seasonally adjusted annual rate of $83.1 billion, 2.7 percent above the revised April estimate of $80.9 billion.