Construction spending on the rise in April
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Construction spending rose in April, with private commercial projects leading the gains and public projects declining.
Spending was up 0.4% from the prior month, to hit a seasonally adjusted annual rate of $860.8 billion. That’s 4.3% above April of last year.
Private construction lead the way, rising 1.0% from the prior month. Residential construction essentially held steady at a seasonally adjusted annual pace of $301.9 billion, down 01.%, from the prior month.
But nonresidential construction hit an annual rate of $300.1 billion in April, a 2.2% increase above the prior month. Public construction was down 1.2% from the prior month, at $258.8 billion in April.
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