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Construction Spending Rises in May07-05-07 | News

Construction Spending Rises in May

WASHINGTON D.C. ?EUR??,,????'??+ Construction spending during May was estimated at a seasonally adjusted annual rate of $1.176 trillion according to a Commerce Department report. This is 0.9 percent above the revised April estimate of $1.66 trillion but 2.8 percent below the same period in 2006.

During the first five months of this year, construction spending amounted to $442.1 billion, 3.9 percent below the $460.1 billion for the same period in 2006.

Spending on private construction was at a seasonally adjusted annual rate of $892.1 billion, 0.5 percent above the revised April estimate of $887.6 billion. Residential construction was at a seasonally adjusted annual rate of $549 billion, while nonresidential construction was at a seasonally adjusted annual rate of $343.1 billion.

In May, the estimated seasonally adjusted annual rate of public construction spending was $284.5 billion, 2.2 percent above the revised April estimate of $278.3 billion. Educational construction was at a seasonally adjusted annual rate of $79.7 billion, while highway construction was at a seasonally adjusted annual rate of $76.4 billion.