US construction spending rose 0.1% in May from revised April rate, 6.6% year-over-year to seasonally adjusted annual rate of US$956.1B; for first five months of 2014, construction spending is up 8.2% year-over-year: Dept. of Commerce
July 1, 2014
– The U.S. Census Bureau of the Department of Commerce announced today that construction spending during May 2014 was estimated at a seasonally adjusted annual rate of $956.1 billion, 0.1 percent (±1.6%)* above the revised April estimate of $955.1 billion. The May figure is 6.6 percent (±2.1%) above the May 2013 estimate of $896.6 billion.
During the first 5 months of this year, construction spending amounted to $358.1 billion, 8.2 percent (±1.5%) above the $331.1 billion for the same period in 2013.
Spending on private construction was at a seasonally adjusted annual rate of $682.8 billion, 0.3 percent (±1.2%)* below the revised April estimate of $684.6 billion. Residential construction was at a seasonally adjusted annual rate of $354.8 billion in May, 1.5 percent (±1.3%) below the revised April estimate of $360.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $328.0 billion in May, 1.1 percent (±1.2%)* above the revised April estimate of $324.5 billion.
In May, the estimated seasonally adjusted annual rate of public construction spending was $273.3 billion, 1.0 percent (±3.0%)* above the revised April estimate of $270.5 billion. Educational construction was at a seasonally adjusted annual rate of $62.0 billion, 0.6 percent (±5.1%)* below the revised April estimate of $62.4 billion. Highway construction was at a seasonally adjusted annual rate of $82.7 billion, 0.7 percent (±8.1%)* above the revised April estimate of $82.2 billion.
June 2014 data will be released on August 1, 2014 at 10:00 A.M. EDT.
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In interpreting changes in the statistics in this release, note that month-to-month changes in seasonally adjusted statistics often show movements which may be irregular. It may take 2 months to establish an underlying trend for total construction and as long as 8 months for specific categories of construction. The statistics in this release are estimated from several sources and surveys and are subject to sampling variability as well as nonsampling error including bias and variance from response, nonreporting, and undercoverage. Estimates of the standard errors are provided in Table 3. Whenever a statement such as "2.3 (±3.1) percent above" appears in the text, this indicates the range (-0.8 to +5.4 percent) in which the actual percent change is likely to have occurred. All ranges given are 90 percent confidence intervals and account only for sampling variability. If a range does not contain zero, the change is statistically significant. If it does contain zero, the change is not statistically significant; that is, it is uncertain whether there was an increase or decrease. Statistics for the current month are preliminary estimates subject to revision in following months as additional data become available. The average absolute percent changes from preliminary estimate to first revision for the major seasonally adjusted components are as follows: total construction, 1.1 percent; private construction, 1.4 percent; and public construction, 1.6 percent.