Posted by Joseph Y. Calhoun, III

Construction spending fell 0.9% in May:

The U.S. Census Bureau of the Department of Commerce announced today that construction spending during May 2009 was estimated at a seasonally adjusted annual rate of $964.0 billion, 0.9 percent (±1.1%)* below the revised April estimate of $972.5 billion. The May figure is 11.6 percent (±1.6%) below the May 2008 estimate of $1,090.7 billion.

During the first 5 months of this year, construction spending amounted to $368.8 billion, 11.7 percent (±1.4%) below the $417.5 billion for the same period in 2008.

PRIVATE CONSTRUCTION

Spending on private construction was at a seasonally adjusted annual rate of $649.2 billion, 1.0 percent (±1.1%)* below the revised April estimate of $655.6 billion. Residential construction was at a seasonally adjusted annual rate of $240.2 billion in May, 3.4 percent (±1.3%) below the revised April estimate of $248.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $409.0 billion in May, 0.5 percent (±1.1%)* above the revised April estimate of $406.9 billion.

PUBLIC CONSTRUCTION

In May, the estimated seasonally adjusted annual rate of public construction spending was $314.9 billion, 0.6 percent (±1.9%)* below the revised April estimate of $316.9 billion. Educational construction was at a seasonally adjusted annual rate of $91.3 billion, 0.5 percent (±2.7%)* above the revised April estimate of $90.8 billion. Highway construction was at a seasonally adjusted annual rate of $78.5 billion, 1.3 percent (±6.6%)* below the revised April estimate of $79.5 billion.

Okay, so where’s all that stimulus spending?