Monthly Construction Spending Drops in April, Commerce Dept. Says
Construction rose 3% in April from its year-earlier level, to an estimated annual rate of $1,346.2 billion, seasonally adjusted, the Commerce Dept. has reported. But last month's spending also was down from March's figure.
In a June 1 report, Commerce said that spending fell 2.9% from the March level, with private spending down 3% and public spending posting a 2.5% decline.
The report, from the U.S. Census Bureau—which is part of the Commerce Dept.—measures the value of construction put in place in a given month.
April residential construction in the private sector declined 4.5% from March, adjusted for seasonal variations, while non-residential work fell 1.3% in the same time period.
Public-sector educational construction declined 2.3% from March totals and highway construction dropped 5.2% seasonally adjusted, Commerce said.
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