Year-Over-Year Construction Spending Up 3% in April

The U.S. Census Bureau is reporting that total construction spending during April 2020 was estimated at a seasonally adjusted annual rate (SAAR) of $1,346.2 billion, <-2.9%> below the revised March estimate of $1,386.6 billion. The April figure is however, 3.0 % above the April 2019 estimate of $1,307.1 billion. During the first four months of this year, construction spending amounted to $412.5 billion, which is 7.1% above the $385.2 billion for the same period in 2019. Spending on private construction was at a seasonally adjusted annual rate of $1,004.1 billion, <-3.0%>) below the revised March estimate. Residential construction was at a SAAR of $536.8 billion in April, <-4.5%> below the revised March estimate. Nonresidential construction was at a SAAR $467.3 billion in April, <-1.3%> below the revised March estimate. In April, the SAAR of public construction spending was $342.1 billion, <-2.5%> below the revised March estimate. Educational construction and highway construction both posted declines when compared to March.