US Monthly Construction Spending Increased in April

On Thursday (6-1-23), the US Census Bureau reported that total construction spending during April was estimated at a seasonally adjusted annual rate (SAAR) of $1908.4 billion, 1.2% above the revised March estimate of $1,780.9 billion. The April figure is 7.2% above the April 2022 estimate of $1,780.9 billion. During the first four months of 2023, construction spending amounted to $566.7 billion, 6.1% above the $533.9 for the same period in 2022.

Private construction spending was at a SAAR of $1,500.7 billion, 1.3% above the revised March estimate of $1,481.6 billion. Residential construction was at a SAAR of $845.4 billion in April, 0.5% above the revised March estimate of $841.6 billion. Nonresidential construction was at a SAAR of $655.3 billion in April, 2.4% above the revised March estimate of $640.0 billion.

In April, the estimated seasonally adjusted annual rate of public construction spending was $407.7 billion, 1.1% above the revised March estimate of $403.4 billion. Educational construction was at a seasonally adjusted annual rate of $88.3 billion, 0.1% below the revised March estimate of $88.4 billion. Highway construction was at a SAAR of $124.7 billion, 1.3% above the revised March estimate of $123.1 billion.