U.S. construction spending drops monthly but rises annually in May

Posted on July 5, 2024   |  

In May 2024, total construction spending was $2,139.8 billion (seasonally adjusted annual rate), down 0.1% from April's revised $2,142.1 billion.

Compared to May 2023's $2,011.8 billion, May 2024's spending increased by 6.4%.

For the first five months of 2024, construction spending was $836.3 billion, up 8.8% from $768.6 billion in  2023.

Private construction spending in May 2024 was $1,652.1 billion (seasonally adjusted annual rate), 0.3% less than April's revised $1,656.7 billion.

Residential construction in May was $918.2 billion (seasonally adjusted annual rate), 0.2% below April's revised $920.3 billion, while nonresidential construction was $733.9 billion, down 0.3% from $736.5 billion in April.

Public construction spending in May was $487.6 billion (seasonally adjusted annual rate), 0.5% higher than April's revised $485.4 billion.

Educational construction spending in May was $102.1 billion (seasonally adjusted annual rate), 0.6% above April's $101.5 billion, while highway construction was $147.6 billion, 0.5% below April's revised $148.3 billion.