US Monthly Construction Spending Declines 0.1% Month-Over-Month in April

On Monday, the US Census Bureau reported that total construction spending during April was estimated at a seasonally adjusted annual rate (SAAR) of $2,099.0 billion, 0.1% below the revised March estimate of $2,101.5 billion. However, the April figure is 10.0% above the April 2023 estimate of $1,907.8 billion.

Construction spending during April was estimated at a SAAR of $2,099.0 billion, 0.1% below the revised March estimate of $2,101.5 billion. The April figure is 10.0% above the April 2023 estimate of $1,907.8 billion. During the first four months of this year, construction spending amounted to $635.5 billion, 10.9% above the $573.0 billion for the same period in 2023.

Private Construction

In April, private construction spending was at a SAAR of $1,611.9 billion, 0.1% below the revised March estimate of $1,613.3 billion. Residential construction was at a SAAR of $890.4 billion, 0.1% above the revised March estimate of $899.5 billion. Nonresidential construction was at a SAAR of $721.5 billion, 0.3% below the revised March estimate of $723.8 billion.

Public Construction

In April, the estimated SAAR of public construction spending was $487.1 billion, 0.2% below the revised March estimate of $488.2 billion. Educational construction was at a SAAR of $103.5 billion, 0.2% below the March estimate of $103.6 billion. Highway construction was at a SAAR of $149.6 billion, 0.5% below the revised March estimate of $150.4 billion.