Construction spending to date 3% up vs. '22
The U.S. Census Bureaur reported total construction spending during May 2023 was estimated at a seasonally adjusted annual rate of $1,925.6 billion, 0.9 percent (±0.5 percent) above the revised April estimate of $1,909.0 billion.
The May figure is 2.4 percent (±1.2 percent) above the May 2022 estimate of $1,880.9 billion. During the first five months of this year, construction spending amounted to $740.8 billion, 2.9 percent (±1.0 percent) above the $719.6 billion for the same period in 2022.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,513.2 billion, 1.1 percent (±0.3 percent) above the revised April estimate of $1,497.2 billion. Residential construction was at a seasonally adjusted annual rate of $857.4 billion in May, 2.2 percent (±1.3 percent) above the revised April estimate of $839.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $655.8 billion in May, 0.3 percent (±0.3 percent)* below the revised April estimate of $657.8 billion.
Public Construction
In May, the estimated seasonally adjusted annual rate of public construction spending was $412.4 billion, 0.1 percent (±1.0 percent)* above the revised April estimate of $411.8 billion. Educational construction was at a seasonally adjusted annual rate of $87.7 billion, virtually unchanged from (±1.5 percent)* the revised April estimate of $87.7 billion. Highway construction was at a seasonally adjusted annual rate of $124.6 billion, 0.4 percent (±2.8 percent)* below the revised April estimate of $125.1 billion.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
