US construction spending estimate up 6.6% y/y in May 2014

According to the US Census Bureau of the Department of Commerce, estimated construction spending increased by 0.1% m/m to US$956.1 billion (on a seasonally adjusted basis) in May 2014. This represents a rise of 6.6% compared to May 2013, when construction spending was estimated at US$896.6 billion.

May’s public construction spending is estimated as being 1% higher than April’s, coming in at a seasonally adjusted annual rate of US$273.3 billion. Within this, estimated educational construction spending fell by 0.6% m/m to US$62 billion. However, highway construction spending grew from US$82.2 billion in April to US$82.7 billion in May.

Meanwhile, private construction spending is estimated at US$682.8 billion at a seasonally adjusted annual rate. This is 0.3% lower than in April, when some US$684.6 billion was spent. Spending on nonresidential construction increased by 1.1% m/m to US$328 billion while residential construction spending declined by 1.5% m/m to US$354.8 billion.

Adapted from press release by Louise Fordham

Read the article online at: https://www.worldcement.com/the-americas/10072014/us_construction_spending_estimates_may_2014_63/