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Construction Spending Reaches Record High
Nearly All Sectors See Increase Over May '17


The Value of Construction Put in Place Survey covers construction work done each month on new structures or improvements to existing structures for private and public sectors. Data estimates include the cost of labor and materials, cost of architectural and engineering work, overhead costs, interest and taxes paid during construction, and contractor's profits.

In May 2018, construction expenses in the United States reached an all-time high of $1.309 trillion according to the Value of Construction Put in Place Survey, administered monthly by the United States Census Bureau.

The agency conveys that the total amount spent in the private construction sector, for May 2018, was $1.005 trillion. This was a 4.4% increase over May of last year, which saw $963 billion spent on total private construction. Residential construction accounted for a little more than half of the total private sector spending, coming in at $553 billion, a 6.6% rise over May 2017.

Total public construction spending was reported to be $304 billion, which is up 4.7% over May 2017. Within the public sector, residential construction was valued at just shy of $7 billion, while nonresidential construction for May 2018 was $297 billion.

You may be asking, what was the top contender in the public construction sector? Well, highway and street construction was first at a whooping $95 billion, accounting for nearly one-third of all public construction costs. Educational construction was second with $74 billion being spent. This is a 5.8% increase and a 0.4% increase over May 2017 respectively.

Only ten sectors, in both public and private combined, saw a decrease in construction spending over May 2017. The largest decline was in nonresidential, private religious construction, which had about $500 million less in construction costs than the previous year.

A detailed spreadsheet can be viewed on the US Bureau website HERE.

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August 25, 2019, 5:40 am PDT

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