Construction outlays rose in May

Construction spending rose in May, the U.S. Census Bureau reported Monday. Total construction spending reached a seasonally adjusted annual rate of $830 billion, up 0.9 percent from the revised estimate of $822.5 billion in April, the bureau said. Spending for May was 7 percent above May 2011, when $775.8 billion was spent on construction projects on a seasonally adjusted annual basis. Spending on private construction was at a seasonally adjusted annual rate of $560.4 billion, 1.6 percent above April\'s revised estimate of $551.8 billion, the Census Bureau said. The report said residential construction was at a seasonally adjusted annual rate of $261.3 billion in May, a 3 percent jump from April\'s revised figure of $253.8 billion. Non-residential construction was at a seasonally adjusted annual rate of $299.1 billion in May, 0.4 percent above the $298 billion spent in April -- also a revised figure. The estimated seasonally adjusted annual rate of public construction spending in May was $269.6 billion, 0.4 percent below the revised April estimate of $270.7 billion, the Census Bureau said. Educational construction was at a seasonally adjusted annual rate of $65 billion, 3 percent below the revised April estimate of $67 billion, the bureau said. Highway construction was at a seasonally adjusted annual rate of $78 billion, 0.5 percent below the revised April estimate of $78.4 billion.