San Diego Construction1024
San Diego Construction1024
San Diego Construction1024
San Diego Construction1024
San Diego Construction1024

May Value of New Construction Lags April but Was Up +5.7% Year-to-Date

July 9, 2020
Public educational construction bucked the trend in May with small YOY increase.

Construction spending during May 2020 was estimated at a seasonally adjusted annual rate of $1,356.4 billion, -2.1% percent below the revised April estimate of $1,386.1 billion. According to the U.S. Census Bureau, the May figure is +0.3% above the May 2019 estimate of $1,352.9 billion. During the first five months of this year, construction spending in the United States amounted to $543.2 billion, up a surprising +5.7% the $513.7 billion for the same period in 2019.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $1,001.2 billion, -3.3% below the revised April estimate of $1,035.2 billion. Residential construction was at a seasonally adjusted annual rate of $535.9 billion in May, -4% below the revised April estimate of $558.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $465.3 billion in May, 2.4% below the revised April estimate of $476.9 billion.

Private educational construction saw the biggest drop in May, with a -20.6% decline to $156.8 billion. Manufacturing was also down double digits, with a -10.8% decline to $71 billion

Public construction. In May, the estimated seasonally adjusted annual rate of public construction spending was $355.2 billion, +1.2% above the revised April estimate of $350.9 billion. Educational construction was at a seasonally adjusted annual rate of $87.3 billion, -0.1% above the revised April estimate of $87.2 billion and +3.7% over May 2019. Public safety construction saw the largest increase, with a +44.2% jump to $14 billion.