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Financial News: U.S. Construction Spending Rises Less Than Expected In

U.S. Construction Spending Rises Less Than Expected In April

06/01/2022 - 10:53:00 (RTTNews)

(RTTNews) - Construction spending in the U.S. increased by less than expected in the month of April, according to a report released by the Commerce Department on Wednesday.

The report showed construction spending edged up by 0.2 percent to an annual rate of $1.745 trillion in April after rising by 0.3 percent to a revised rate of $1.741 trillion in March.

Economist had expected construction spending to climb by 0.5 percent compared to the 0.1 percent uptick originally reported for the previous month.

The modest increase in construction spending came as spending on private construction rose by 0.5 percent to an annual rate of $1.395 trillion.

A 0.9 percent advance in spending on residential construction was partly offset by a 0.2 percent dip in spending on non-residential construction.

Meanwhile, the report showed spending on public construction slid by 0.7 percent to an annual rate of $350.1 billion.

Spending on educational construction declined by 0.7 percent, while spending on highway construction edged down by 0.1 percent.

The Commerce Department noted total construction spending in April was up 12.3 percent compared to the same month a year ago.

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