Construction spending in May was estimated at a seasonally adjusted annual rate of $1.04 trillion, a 0.8 percent increase compared with the estimate in April of $1,006.1 billion, according to the U.S. Census Bureau.
The May figure is 8.2 percent above the May 2014 estimate of $957.6 billion.
Private construction spending in May was at a seasonally adjusted annual rate of $752.4 billion, 0.9 percent higher than the April estimate of $745.6 billion. Residential construction in May was at a rate of $359.5 billion, a 0.3 percent increase above April’s rate of $358.5 billion.
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