First 5 months of construction spending up 8.8% over '23
Construction spending during May 2024 was estimated at a seasonally adjusted annual rate of $2,139.8 billion, 0.1% (±1.0%) below the revised April estimate of $2,142.1 billion.
The May figure is 6.4% (±1.6%) above the May 2023 estimate of $2,011.8 billion. During the first five months of this year, construction spending amounted to $836.3 billion, 8.8% (±1.2%) above the $768.6 billion for the same period in 2023.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,652.1 billion, 0.3% (±0.7%) below the revised April estimate of $1,656.7 billion. Residential construction was at a seasonally adjusted annual rate of $918.2 billion in May, 0.2% (±1.3%)* below the revised April estimate of $920.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $733.9 billion in May, 0.3% (±0.7%) below the revised April estimate of $736.5 billion.
Public Construction
In May, the estimated seasonally adjusted annual rate of public construction spending was $487.6 billion, 0.5% (±1.8%)* above the revised April estimate of $485.4 billion. Educational construction was at a seasonally adjusted annual rate of $102.1 billion, 0.6 percent (±2.5%)* above the revised April estimate of $101.5 billion. Highway construction was at a seasonally adjusted annual rate of $147.6 billion, 0.5% (±5.3%)* below the revised April estimate of $148.3 billion.
INDUSTRIAL SUPPLY MAGAZINE
The July/August issue of Industrial Supply magazine features an in-depth cover story about Singer Industrial. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Rachael Radford, as well as interviews with numerous product and distribution industry experts.
