Total U.S. construction spending in April was estimated at a seasonally-adjusted annual rate of $2.099 trillion, 0.1% below the revised March estimate (-0.2%) and up 10.0% year-over-year, according to U.S. Census Bureau data released May 1.
Following March’s 0.2% slide, the April month-to-month change fell well short of expectations of a 0.2% gain from economists polled by Reuters.
Totaling $635.5 billion, construction spending through the first four months of the year was up 10.9% over the same period in 2023.
Private Construction
April spending on private construction was at a seasonally-adjusted annual rate of $1.612 trillion, 0.1% below the revised March estimate. Residential construction was at a rate of $890.4 billion in April, 0.1% above the revised March estimate, while nonres construction’s rate of $721.5 billion was down 0.3% month-to-month.
Public Construction
April spending on public construction was at a seasonally-adjusted annual rate of $487.1 billion, 0.2% below March’s revised figure. Educational construction was at a rate of $103.5 billion, 0.2% below March’s revised figure, while highway construction’s rate of $149.6 billon was down 0.5%.
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Annually, however, January’s figure was up 11.7%.
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November spending was 0.4% above October's figure, which was revised considerably higher.
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The value of 2023 total construction was up 7.0% from 2022.
