Construction spending in the U.S. continues to seesaw, keeping the market recovery on a bit of a roller coaster.
After dropping in March, construction spending rose to $860.8 billion in April. This is 0.4% above the revised March estimate of $857.7 billion, according to the U.S. Census Bureau.
Furthermore, April’s spending is 4.3% above the year-ago estimate of $239.8 billion.
Spending on private construction was 1% above the revised March estimate of $595.9 billion, rising to $602 billion in April.
Residential construction spending came in at a seasonally adjusted rate of $301.9 billion in April, down 0.1% from March’s estimate of $302.2 billion.
Additionally, nonresidential construction was at a seasonally adjusted rate of $300.1 billion in April, above 2.2% from March’s estimate of $293.7 billion.
In April, the estimated seasonally adjusted annual rate of public construction spending was $258.8 billion, up 1.2% from the revised March estimate of $261.8 billion.