May 2008 Construction Spending

The U.S. Census Bureau of the Department of Commerce announced today that construction spending during May 2008 was estimated at a seasonally adjusted annual rate of $1,085.2 billion, 0.4 percent (±1.3%)* below (consensus was -0.5%) the revised April estimate of $1,089.3 billion. The May figure is 6.0 percent (±2.1%) below the May 2007 estimate of $1,154.6 billion. During the first 5 months of this year, construction spending amounted to $416.6 billion, 5.1 percent (±1.8%) below the $438.7 billion for the same period in 2007.

PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $784.2 billion, 0.7 percent (±1.3%)* below the revised April estimate of $789.4 billion. Residential construction was at a seasonally adjusted annual rate of $378.9 billion in May, 1.6 percent (±1.3%) below the revised April estimate of $385.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $405.3 billion in May, 0.2 percent (±1.3%)* above the revised April estimate of
$404.3 billion.

PUBLIC CONSTRUCTION
In May, the estimated seasonally adjusted annual rate of public construction spending was 301.1 billion, 0.4 percent (±2.2%)* above the revised April estimate of $299.9 billion. Educational construction was at a seasonally adjusted annual rate of $84.8 billion, 1.8 percent (±3.5%)* above the revised April estimate of $83.3 billion. Highway construction was at a seasonally adjusted annual rate of $77.8 billion, 0.7 percent (±6.6%)* below the revised April estimate of $78.3 billion.