Total construction spending during April 2023 was estimated at a seasonally adjusted annual rate of $1,908.4 billion, +1.2% above the revised March estimate of $1,885 billion. The April figure from the U.S. Census Bureau is +7.2% above the April 2022 estimate of $1,780.9 billion. During the first four months of this year, construction spending amounted to $566.7 billion, +6.1% above the $533.9 billion for the same period in 2022.
Private construction
New single-family housing is off -24.7% year over year to $362.4 billion, while new multi-family housing showed a +24.9% YOY increase to $125.9 billion.
Manufacturing continues to be the strongest individual category because of a surge in construction in Computer/electronic/electrical facilities, which saw a +13.4% increase in April to $96.8 billion.
Public construction
In April, the estimated seasonally adjusted annual rate of public construction spending was $407.7 billion, +1.1% above the revised March estimate of $403.4 billion. Educational construction was at a seasonally adjusted annual rate of $88.3 billion, -0.1% below the revised March estimate of $88.4 billion, but is tracking +11.4% over April 2022.