| The U.S. Census Bureau of the Department of Commerce announced last week that construction spending during May 2009 was estimated at a seasonally adjusted annual rate of $964 billion, 0.9 percent below the revised April estimate of $972.5 billion. The May figure is 11.6 percent below the May 2008 estimate of $1,090.7 billion.
Various news reports indicted that the performance was the lowest level in five years.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $649.2 billion, 1.0 percent below the revised April estimate of $655.6 billion.
Residential construction was at a seasonally adjusted annual rate of $240.2 billion in May, 3.4 percent below the revised April estimate of $248.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $409.0 billion in May, 0.5 percent above the revised April estimate of $406.9 billion.
PUBLIC CONSTRUCTION
In May, the estimated seasonally adjusted annual rate of public construction spending was $314.9 billion, 0.6 percent below the revised April estimate of $316.9 billion.
Educational construction was at a seasonally adjusted annual rate of $91.3 billion, 0.5 percent above the revised April estimate of $90.8 billion.
Highway construction was at a seasonally adjusted annual rate of $78.5 billion, 1.3 percent below the revised April estimate of $79.5 billion. |
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