Construction Spending Rises in April
Washington, DC, June 3, 2013 -- Spending on U.S. construction projects rose in April despite a dip in residential spending.
Construction spending rose 0.4% in April, compared with March, the Commerce Department reported Monday.
Construction spending stood at a seasonally adjusted annual rate of $860.8 billion in April, 4.3% higher than a year ago.
In April, residential construction edged down a slight 0.1%, reflecting a drop in remodeling. Spending on both new single-family homes and apartments increased.
Spending on nonresidential projects, mostly construction of hotels and motels and shopping centers, rose 2.2% in April but spending on government projects fell 1.2%.