April Construction Spending Down Slightly Over March, But Still Up Double-Digits YOY

Construction spending during April 2024 was estimated at a seasonally adjusted annual rate of $2,099 billion, -0.1% below the revised March estimate of $2,101.5 billion. According to the latest U.S. Census Dept. data, the April figure is +10% above the April 2023 estimate of $1,907.8 billion. During the first four months of this year, construction spending amounted to $635.5 billion, +10.9%  above the $573 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% 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% 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%  below the revised March estimate of $723.8 billion.
Private construction of Computer/Electronic/Electrical factories had a smaller monthly increase of +2.8% to $131,727 million, but it’s still up +23.4% YOY.

Public construction

In April, the estimated seasonally adjusted annual rate of public construction spending was $487.1 billion, -0.2% below the revised March estimate of $488.2 billion. Educational construction was at a seasonally adjusted annual rate of $103.5 billion, -0.2%  below the revised March estimate of $103.6 billion. It’s up +16.8% YOY.
Highway construction was at a seasonally adjusted annual rate of $149.6 billion, -0.5% below the revised March estimate of $150.4 billion.