May 2020 Public Construction Spending Increases
The U.S. Census Bureau announced construction spending for May 2020 was at a seasonally adjusted annual rate of $ 1,356 billion, 2.1% below the revised estimate in April. Compared to 2019, May 2020 total spending is up 0.3%. Also, during the first five months of 2020, construction spending amounted to $ 543 billion, 5.7% above the $ 514 billion for the same period in 2019.
While private construction spending in May was $ 1,001 billion, 3.3% below the revised April estimate of $ 1,035 billion, public construction spending was $ 355 billion, 1.2% above last month’s revised estimates of $351 billion.
Compared to May 2019, public construction spending was up 4.9%. The most significant contributor on a percentage basis to the increase during that past 12 months, is construction spending for public safety, which was $14 million, 44.2% above the $10 million for the same period in 2019. Also contributing to public spending growth in May from the previous month is Highway construction, which was at a seasonally adjusted annual rate of $107 billion up 2.8% from the revised April estimate of $104 billion.
More information may be found at: https://www.census.gov/construction/c30/pdf/release.pdf