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US construction spending April 2023
June 7, 2023

U.S. Construction Spending Jumps Much More Than Expected In April

Construction spending in U.S. jumped by much more than expected in the month of April, according to a report released by the Commerce Department on Thursday.

The Commerce Department said construction spending surged by 1.2 percent to an annual rate of $1.908 trillion in April after rising by 0.3 percent to a revised rate of $1.885 trillion in March. Economists had expected construction spending to inch up by 0.2 percent.

The sharp increase in construction spending was partly due to a spike in spending on private construction, which shot up by 1.3 percent to an annual rate of $1.501 trillion in April.

Spending on residential construction rose by 0.5 percent to a rate of $845.4 billion, while spending on non-residential construction soared by 2.4 percent to a rate of $655.3 billion.

The report said spending on public construction on also jumped by 1.1 percent to an annual rate of $407.7 billion in April.

While spending on educational construction edged down by 0.1 percent to a rate of $88.3 billion, spending on highway construction surged by 1.3 percent to a rate of $124.7 billion.

Keep reading on rttnews.com


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