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by CareyBot

Total construction spending during May 2006 was estimated at a seasonally adjusted annual rate of $1.21 trillion, which is 6 percent higher than the rate in May 2005 and 0.4 percent below the revised April estimate, the U.S. Census Bureau and Department of Commerce announced today. And during the first five months of this year, construction spending amounted to $457.4 billion, or about 8.6 percent above the $421.1 billion reported for the same period in 2005. The seasonally adjusted annual rate of spending on private residential construction was about $651.2 billion in May, which is 0.8 percent below the revised April estimate and 2.4 percent above the May 2005 rate. The seasonally adjusted rate is a projection of a monthly total over a 12-month period, adjusted for seasonal fluctuations...