via Mike Shedlock
Construction spending has been in a huge downtrend for a year.
The Census Department Construction Spending Report for May repeats the same story, down again.
Total Construction
- Construction spending during May 2025 was estimated at a seasonally adjusted annual rate of $2,138.2 billion, 0.3 percent (±0.8 percent) below the revised April estimate of $2,145.5 billion.
- The May figure is 3.5 percent (±1.3 percent) below the May 2024 estimate of $2,215.4 billion.
- During the first five months of this year, construction spending amounted to $841.5 billion, 2.1 percent (±1.0 percent) below the $859.6 billion for the same period in 2024.
Private Construction
- Spending on private construction was at a seasonally adjusted annual rate of $1,626.6 billion, 0.5 percent (±0.5 percent) below the revised April estimate of $1,634.2 billion.
- Residential construction was at a seasonally adjusted annual rate of $888.9 billion in May, 0.5 percent (±1.3 percent) below the revised April estimate of $893.7 billion.
- Nonresidential construction was at a seasonally adjusted annual rate of $737.7 billion in May, 0.4 percent (±0.5 percent) below the revised April estimate of $740.6 billion.
Public Construction
- In May, the estimated seasonally adjusted annual rate of public construction spending was $511.6 billion, 0.1 percent (±1.5 percent) above the revised April estimate of $511.3 billion.
- Educational construction was at a seasonally adjusted annual rate of $111.8 billion, 0.2 percent (±2.1 percent) above the revised April estimate of $111.6 billion.
- Highway construction was at a seasonally adjusted annual rate of $143.2 billion, 0.3 percent (±4.6 percent) below the revised April estimate of $143.7 billion.
Construction Spending Detail
Construction spending generally peaked a year ago, in May of 2024. Nonresidential peaked earlier but public spending is still rising.
Construction Spending Commercial and Manufacturing
Commercial and manufacturing construction spending are only 5.6 percent and 10.6 percent of total construction spending respectively.
However, new stores and new manufacturing facilities provide permanent jobs. Commercial is an outright disaster.
Percent Change from Year Ago Not Seasonally Adjusted
- Total: -3.7 percent
- Private: -5.5 percent
- Nonresidential: -1.4 percent
- Residential: -6.5 percent
- Commercial: -10.2 percent
- Public: +2.6 percent
Construction Spending Month-Over-Month
Construction Spending M/M Amusing Details
- Total: Up once in 12 months
- Private: Up zero times in 12 months
- Nonresidential: Up three times in 12 months
- Residential: Up once in 12 months
- Commercial: Up three times in 12 months
- Public: Up 8 times in 12 months