Keeping you up to date on the latest data releases.
- Construction Spending
Total construction spending beat expectations in April, rising 2.7 percent on substantial gains in both private and public construction. Total construction is still 10.5 percent below its year-ago level, though this is entirely due to weakness on the nonresidential side, as residential construction has actually grown 4.6 percent since last April. Private spending increased 2.9 percent over the month, with residential construction gaining 4.4 percent and nonresidential advancing 1.7 percent. Within private residential spending, construction of single-family homes climbed 3.4 percent and is now up about 29 percent from last year, boding well for recovery in that segment of the housing market. Within private nonresidential construction, spending on power structures expanded 5.2 percent and manufacturing structures saw its third consecutive increase, although power structures so far is the only component to exhibit positive year-over-year growth emerging from the recession. April’s 2.4 percent rise in public construction was led by highway and street construction, water supply structures, and sewage and waste disposal. 12-month growth in total public and private construction is still negative, at −13.5 and −4.4 percent, respectively.