Construction Spending Tops $1 Trillion

Total spending on construction ticked up moderately inrnApril, rising to a seasonally adjusted annual rate of $1,006.1 billion the U.S.rnCensus Bureau announced today.  Thernnumber is a 2.2 percent increase over the revised (from $966.6 billion) Marchrnestimate of $984.0 billion and 4.8 percent higher than a spending rate ofrn$960.4 billion in April 2014.</p

Total residential spending was at a rate of $359.4 billion,rncompared to $357.2 billion in March, a 0.6 percent gain but was down 1.8 percentrnfrom the $365.8 billion pace a year earlier.</p

On a non-seasonally adjusted basis total spending in Aprilrnwas estimated at $80.9 billion, $29.6 billion of which was for residentialrnconstruction.  Year-to-date spendingrnthrough the end of April was $288.7 billion total and $105.0 billion forrnresidential construction, gains of 4.1 and 0.6 percent respectively. </p

Private sector construction was at a seasonally adjustedrnannual rate of $725.2 billion, up 1.8 percent from March and 5.3 percent fromrnApril 2014.  Private sector constructionrnin March, originally estimated at a rate of $702.4 billion, was revised upward torn$725.2rnbillion.</p

Residential construction increased 0.6 percentrnmonth-over-month but was down 2.1 percent year-over-year to $353.1 billion.  Single family construction was up 1.6 percentrnfrom March and 9.2 percent from a year earlier while multi-family spending, atrna rate of $51.4 billion, gained 3.1 percent and 24.6 percent respectively.</p

On a non-seasonally adjusted basis private sector constructionrnspending was estimated at $59.3 billion and year to date at $214.4 billion, arn4.5 percent increase from the same point in 2014.  Non-seasonally adjusted residential spendingrnwas $29.1 billion for the month and $103.2 billion for the year-to-date anrnincrease of 0.3 percent.</p

Public sector spending was at a rate of $280.9 billion inrnApril, a 3.3 percent increase from March and 3.5 percent from a yearrnearlier.  Residential spending, usuallyrnnegligible in the public sector was up 3.3 percent in April to 6.3 billion andrn26.6 percent higher year-over-year.  On arnnon-seasonally adjusted basis the year-to-date number, $1.83 billion, was 21.2rnpercent above spending during the same period last year.

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