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Financial News: U.S. Construction Spending Rebounds More Than Expected In

U.S. Construction Spending Rebounds More Than Expected In April

06/01/2018 - 10:36:00 (RTTNews)

(RTTNews) - After reporting a sharp drop in U.S. construction spending in the previous month, the Commerce Department released a report on Friday showing a substantial rebound in construction spending in the month of April.

The Commerce Department said construction spending spiked by 1.8 percent to an annual rate of $1.310 trillion in April after plunging by 1.7 percent to a rate of $1.287 trillion in March. Economists had expected construction spending to climb by 0.8 percent.

The rebound in construction spending came as spending on private construction soared by 2.8 percent to an annual rate of $1.014 trillion in April from the revised March estimate of $986.6 billion.

Spending on residential construction surged up by 4.5 percent to a rate of $556.3 billion, while spending on non-residential construction rose by 0.8 percent to a rate of $458.0 billion.

On the other hand, the report said spending on public construction tumbled by 1.3 percent to an annual rate of $296.1 billion in April from $300.1 billion in March.

While spending on highway construction slumped by 1.0 percent to a rate of $88.0 billion, spending on educational construction was nearly unchanged at a rate of $74.2 billion.

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