Commerce Dept. Says April Value of New Construction Increases 8.6% Year-Over Year

The Department of Commerce said construction spending during April 2014 was estimated at a seasonally adjusted annual rate of $953.5 billion, 0.2% above the revised March estimate of $951.6 billion. The April figure is 8.6% above the April 2013 estimate of $878.4 billion. During the first four months of this year, construction spending amounted to $274.5 billion, 8.9% above the $252.1 billion for the same period in 2013.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $686.5 billion, nearly the same as the revised March estimate of $686.8 billion. Residential construction was at a seasonally adjusted annual rate of $378.5 billion in April, 0.1% above the revised March estimate of $378.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $308 billion in April, 0.1% below the revised March estimate of $308.5 billion. The communications market sector is showing some mixed signals, with the April 2014 data showing a 11.7% decline from March at $19.2 billion, but a 21% increase over April 2013.

Public construction. In April, the estimated seasonally adjusted annual rate of public construction spending was $267 billion, 0.8% above the revised March estimate of $264.8 billion. Educational construction was at a seasonally adjusted annual rate of $62.6 billion, 3% above the revised March estimate of $60.8 billion. Highway construction was at a seasonally adjusted annual rate of $81.3 billion, 1.1% below the revised March estimate of $82.2 billion.