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    April Construction Spending Continues on Growth Track with +6.1% Year-to-Date Increase

    June 1, 2023
    Construction of semiconductor facilities continued to power new construction spending in April.

    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

    Valcon April 2023
    Spending on private construction was at a seasonally adjusted annual rate of $1,500.7 billion, +1.3% above the revised March estimate of $1,481.6 billion. Residential construction was at a seasonally adjusted annual rate of $845.4 billion in April, +0.5% above the revised March estimate of $841.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $655.3 billion in April, +2.4% above the revised March estimate of $640.0 billion.

    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.