U.S. Construction Spending Climbs 4.5 Percent in April
Private construction drives year over year improvement.
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during April 2013 was estimated at a seasonally adjusted annual rate of $860.8 billion, 0.4 percent (±1.6%)* above the revised March estimate of $857.7 billion. The April figure is 4.3 percent (±2.0%) above the April 2012 estimate of $825.1 billion.
During the first 4 months of this year, construction spending amounted to $250.7 billion, 4.5 percent (±1.5%) above the $239.8 billion for the same period in 2012.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $602.0 billion, 1.0 percent (±1.2%)* above the revised March estimate of $595.9 billion.
Residential construction was at a seasonally adjusted annual rate of $301.9 billion in April, 0.1 percent (±1.3%)* below the revised March estimate of $302.2 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $300.1 billion in April, 2.2 percent (±1.2%) above the revised March estimate of $293.7 billion.
PUBLIC CONSTRUCTION
In April, the estimated seasonally adjusted annual rate of public construction spending was $258.8 billion, 1.2 percent (±2.8%)* below the revised March estimate of $261.8 billion.
Educational construction was at a seasonally adjusted annual rate of $58.7 billion, 4.4 percent (±4.4%)* below the revised March estimate of $61.4 billion.
Highway construction was at a seasonally adjusted annual rate of $76.7 billion, 0.5 percent (±9.9%)* above the revised March estimate of $76.2 billion.
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