Housing Bubble

Construction falls 1.7 percent in May

May 23, 2003

Construction put in place during May 2003 was estimated at a seasonally adjusted annual rate of $869.8 billion, 1.7 percent below the revised April estimate of $885.0 billion, according to the U.S. Commerce Department's Census Bureau. The May figure is 1.1 percent above May 2002.

During the first 5 months of this year $330.9 billion of construction was put in place, 1.6 percent above the $325.6 billion for the same period in 2002.

In constant (1996) dollars, the May annual rate was $689.6 billion, 1.8 percent below the revised estimate of $702.6 billion for April.

Private construction

Spending on new residential housing units was at a seasonally adjusted annual rate of $322.1 billion in May, 0.7 percent below the revised April estimate of $324.5 billion. Nonresidential building construction was at a rate of $157.0 billion, 0.4 percent below the revised April estimate of $157.6 billion.

Public construction

In May, the estimated seasonally adjusted annual rate of public construction put in place was $207.2 billion, 1.8 percent below
the revised April estimate of $211.1 billion.

Source: Census Bureau: Value of Construction Put in Place