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MAY 1997 CONSTRUCTION
AT $585.0 BILLION ANNUAL RATE
Construction put in place during May 1997 was estimated at a seasonally adjusted annual rate of $585.0 billion, 2 (+/—5) percent below the revised April estimate of $595.7 billion, according to the U.S. Commerce Department's Bureau of the Census. The May figure represents a 4 (+/—5) percent increase over May 1996.
During the first 5 months of this year $219.2 billion of construction was put in place, 6 percent above the $206.7 billion for the same period in 1996.
In constant (1992) dollars, the May annual rate was $495.9 billion, 2 (+/—5) percent below the revised estimate of $507.2 billion for April.
Private Construction
Spending on new residential housing units was at a seasonally adjusted annual rate of $183.3 billion in May, 1 (+/—2) percent below the revised April estimate of $184.2 billion. Nonresidential building construction was at a rate of $160.4 billion, 1 (+/—3) percent below the revised April estimate of $161.4 billion.
Public Construction
In May, the estimated seasonally adjusted annual rate of public construction put in place was $131.3 billion, 6 percent below the revised April estimate of $139.6 billion.
Value Of New Construction Put In Place
In The United States, Seasonally Adjusted
Annual Rate (Billions of Dollars)
(Current Dollars With 1992 Dollars Below)
May 97(p) Apr 97(r) May 96(r) Total new construction 585.0 595.7 593.9 495.9 507.2 507.1 Private construction- X 453.7 456.0 452.7 384.7 388.4 386.5 Residential buildings-Y 253.6 245.2 254.0 214.6 216.0 216.1 Nonresidential building 160.4 161.4 160.5 136.0 137.6 137.2 Public construction 131.3 139.6 141.2 111.2 118.8 120.7
(p)–Preliminary.
(r)–Revised.
X–Includes the following categories of private construction not shown separately: residential improvements, railroads, electric light and power, gas, petroleum pipelines, and farm nonresidential.
Y–Includes improvements.
July 1, 1997 U.S. Department of Commerce
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