Construction Spending Up
April construction spending numbers , published by the U.S. Census Bureau of the Department of Commerce, was estimated at a seasonally adjusted annual rate of $869.1 billion which is a 2.7 percent increase above the revised March estimate of $845.9 billion. The April figure is 10.5 percent below the same period last year’s estimate of $971.4 billion.
Private construction spending showed gains and came in at a seasonally adjusted annual rate of $565.8 billion, 2.9 percent above the revised March estimate of $549.7 billion.
Nonresidential construction posted a seasonally adjusted annual rate of $302.7 billion in April or 1.7 percent above the revised March estimate of $297.8 billion.
Residential construction was the star performer posting a seasonally adjusted annual rate of $263.0 billion in April, 4.4 percent higher than the revised March estimate of $251.9 billion.
