Construction Spending Misses Expectations, Barely Grows

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Enter your email address and zip code to set up customized email alerts.You have successfully emailed the post. Sam Ro | Jun. 3, 2013, 10:00 AM | 194 | The April construction spending report is out and it's a miss.

Spending climbed by just 0.4% month-over-month in April.  Economists were looking for a 0.9% gain.

The March number, however, was revised up to -0.8% from -1.7%.

From the Census Bureau:

PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $602.0 billion, 1.0 percent (±1.2%)* above the revised March estimate of $595.9 billion. Residential construction was at a seasonally adjusted annual rate of $301.9 billion in April, 0.1 percent (±1.3%)* below the revised March estimate of $302.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $300.1 billion in April, 2.2 percent (±1.2%) above the revised March estimate of $293.7 billion.

PUBLIC CONSTRUCTION
In April, the estimated seasonally adjusted annual rate of public construction spending was $258.8 billion, 1.2 percent (±2.8%)* below the revised March estimate of $261.8 billion. Educational construction was at a seasonally adjusted annual rate of $58.7 billion, 4.4 percent (±4.4%)* below the revised March estimate of $61.4 billion. Highway construction was at a seasonally adjusted annual rate of $76.7 billion, 0.5 percent (±9.9%)* above the revised March estimate of $76.2 billion.

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