Construction spending in was estimated at a seasonally adjusted annual rate of $1,218.5 billion, a 1.4% drop from March but still 6.7% above the April 2016 estimate of $1,142.5 billion, the Census Bureau reported Thursday.
During the first 4 months of this year, construction spending amounted to $359.5 billion, up 5.8% from the same period in 2016.
Spending on private construction was at a seasonally adjusted annual rate of $943.3 billion, 0.7% below the revised March estimate of $949.7 billion. Residential construction was at a seasonally adjusted annual rate of $516.7 billion in April, 0.7% below the revised March estimate of $520.4 billion. New single-family spending, however, increased 0.8% from March to a rate of $262.1 million, 7.7% ahead of April, 2016.
Nonresidential construction was at a seasonally adjusted annual rate of $426.6 billion in April, 0.6% below the revised March estimate of $429.3 billion.
In April, the estimated seasonally adjusted annual rate of public construction spending was $275.3 billion, 3.7% below the revised March estimate of $285.9 billion. Educational construction was at a seasonally adjusted annual rate of $70.7 billion, 2.0% below the revised March estimate of $72.2 billion. Highway construction was at a seasonally adjusted annual rate of $89.5 billion, 3.7 % below the revised March estimate of $93.0 billion.
