- Last month, it was up +0.3%, compared to the previously reported -0.1%.
- Construction spending -0.1% vs. 0.2% expected
Total construction cost:
- Construction spending in May 2024 was $2,139.8 billion, down 0.1% from the revised April figure of $2,142.1 billion.
- This is a 6.4% increase from the $2.118 trillion recorded in May 2023.
- First five months of 2024: $836.3 billion, up 8.8% from the same period in 2023 ($768.6 billion).
Private construction:
- Spending was $1.6521 trillion, down 0.3% from April’s revised figure of $1.6567 trillion.
- Residential construction: $918.2 billion, down 0.2% from April’s $920.3 billion.
- Nonresidential construction: $733.9 billion, down 0.3% from $736.5 billion in April.
Public Works:
- Spending was $487.6 billion, up 0.5% from April’s revised estimate of $485.4 billion.
- Education construction: $102.1 billion, up 0.6% from $101.5 billion in April.
- Highway construction: $147.6 billion, down 0.5% from April’s $148.3 billion.
On a month-on-month basis, this month’s numbers were disappointing, but last month’s numbers were revised upwards to offset May’s disappointing numbers. For the first five months of the year, the 8.8% increase is a positive.