The U.S. Census Bureau estimated construction spending during April at a seasonally adjusted annual rate of $968.7 billion, 0.8 percent above the revised March estimate of $961.3 billion. The April figure is 10.7 percent below the April 2008 estimate of $1,085.2 billion. During the first four months of this year, construction spending hit $286.3 billion, 11.3 percent below the $322.8 billion for the same period in 2008.
Supporting the monthly increase was more private construction activity in the communications (+6%); power (+7.8%) and manufacturing (+3.9%) segments.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $657.3 billion, 1.4 percent above the revised March estimate of $648.2 billion. Residential construction was at a seasonally adjusted annual rate of $249.2 billion in April, 0.7 percent ( above the revised March estimate of $247.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $408.2 billion in April, 1.8 percent above the revised March estimate of $400.8 billion.
Public construction. In April, the estimated seasonally adjusted annual rate of public construction spending was $311.4 billion, 0.6 percent below the revised March estimate of $313.2 billion. Educational construction was at a seasonally adjusted annual rate of $89.1 billion, 1.8 percent below the revised March estimate of $90.7 billion.
Residential building. This segment climbed eight percent in April to $105.5 billion (annual rate). The improvement was the result of a 13 percent gain for single family housing, which posted its second increase out of the past three months. This follows an extended period of decline from the start of 2006 through the start of 2009.