The USGlass News Network
Construction spending dropped again in May 2011, according to the most recent report from the U.S. Census Bureau of the Department of Commerce. The Department of Commerce announced that construction spending during May was estimated at a seasonally adjusted annual rate of $753.5 billion, 0.6 percent below the revised April estimate of $757.9 billion. The May figure is 7.1 percent below the May 2010 estimate of $811.2 billion. During the first 5 months of this year, construction spending amounted to $285.1 billion, 6.3 percent below the $304.4 billion for the same period in 2010.
Private construction spending was at a seasonally adjusted annual rate of $477.2 billion, 0.4 percent below the revised April estimate of $479.3 billion. Likewise, residential construction was at a seasonally adjusted annual rate of $228.9 billion in May, 2.1 percent below the revised April estimate of $233.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $248.3 billion in May, 1.2 percent above the revised April estimate of $245.4 billion. Looking at commercial construction specifically, this segment was reported at $36.7 billion, down from $36.8 billion in April and about 2.5 percent compared to May 2010.
Public construction in May saw an estimated seasonally adjusted annual rate of $276.3 billion, 0.8 percent below the revised April estimate of $278.6 billion. Public commercial construction, however, increased in May to $3.6 billion, compared to $3.4 billion in April, and was up 37.3 percent compared to May 2010.