The following is the unedited transcript of the news release from the Department of Commerce.


The U.S. Census Bureau of the Department of Commerce announced today that construction spending during May 2008 was estimated at a seasonally adjusted annual rate of $1,085.2 billion, 0.4 percent (±1.3%)* below the revised April estimate of $1,089.3 billion. The May figure is 6.0 percent (±2.1%) below the May 2007 estimate of $1,154.6 billion.

During the first 5 months of this year, construction spending amounted to $416.6 billion, 5.1 percent (±1.8%) below the $438.7 billion for the same period in 2007.

PRIVATE CONSTRUCTION

Spending on private construction was at a seasonally adjusted annual rate of $784.2 billion, 0.7 percent (±1.3%)* below the revised April estimate of $789.4 billion. Residential construction was at a seasonally adjusted annual rate of $378.9 billion in May, 1.6 percent (±1.3%) below the revised April estimate of $385.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $405.3 billion in May, 0.2 percent (±1.3%)* above the revised April estimate of $404.3 billion.

PUBLIC CONSTRUCTION

In May, the estimated seasonally adjusted annual rate of public construction spending was $301.1 billion, 0.4 percent (±2.2%)* above the revised April estimate of $299.9 billion. Educational construction was at a seasonally adjusted annual rate of $84.8 billion, 1.8 percent (±3.5%)* above the revised April estimate of $83.3 billion. Highway construction was at a seasonally adjusted annual rate of $77.8 billion, 0.7 percent (±6.6%)* below the revised April estimate of $78.3 billion.


Available at:

http://www.census.gov/const/C30/release.pdf