Construction spending during April 2024 was estimated at a seasonally adjusted annual rate of $2,099.0 billion, 0.1 percent below the upwardly revised March estimate of $2,101.5 billion. The April figure is a healthy 10.0 percent above the April 2023 estimate of $1,907.8 billion, with most of the increases month-over-month in the private sector (+$11.0 billion from the non-revised March levels). During the first four months of this year, construction spending amounted to $635.5 billion, 10.9 percent above the $573.0 billion for the same period in 2023.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,611.9 billion, 0.1 percent below the revised March estimate of $1,613.3 billion. Residential construction was at a seasonally adjusted annual rate of $890.4 billion in April, 0.1 percent above the revised March estimate of $889.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $721.5 billion in April, 0.3 percent below the revised March estimate of $723.8 billion.
Public Construction
In April, the estimated seasonally adjusted annual rate of public construction spending was $487.1 billion, 0.2 percent below the revised March estimate of $488.2 billion. Educational construction was at a seasonally adjusted annual rate of $103.5 billion, 0.2 percent below the revised March estimate of $103.6 billion. Highway construction was at a seasonally adjusted annual rate of $149.6 billion, 0.5 percent below the revised March estimate of $150.4 billion.
Comments