Financial News: US Construction Spending Logs Surprise Fall In April

US Construction Spending Logs Surprise Fall In April

06/03/2024 - 11:45:00 (RTTNews)

(RTTNews) - US construction spending shrunk unexpectedly in April amid declines in both private and public construction, preliminary data from the U.S. Census Bureau showed Monday.

Construction spending dipped 0.1 percent to $2,099.0 billion from the revised estimate of $2,101.5 billion in March. Spending was expected to grow 0.2 percent after a 0.2 percent decrease in March.

The April figure was 10.0 percent higher than the April 2023 estimate of $1,907.8 billion. In April, spending on private construction was $1,611.9 billion, which was 0.1 percent lower from the revised March estimate of $1,613.3 billion.

Residential construction grew 0.1 percent to $890.4 billion from a revised $889.5 billion in March. Non-residential construction shrunk 0.3 percent to $721.5 billion from a revised $723.8 billion in the previous month.

Public construction spending totaled $487.1 billion in April, down 0.2 percent from the revised March estimate of $488.2 billion.

With this, educational construction decreased 0.2 percent to $103.5 billion from a revised $103.6 billion in the previous month. Highway construction shrunk 0.5 percent to $149.6 billion from the revised March estimate of $150.4 billion.

During the first four months of this year, construction spending totaled $635.5 billion, up 10.9 percent from the $573.0 billion for the same period last year.

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