Construction Spending Inches Up in April

Washington, DC, May 31, 2007--Construction spending inched up 0.1% in April, according to the Commerce Department.

Economist had forecast no change in construction during the month.

Spending on private residential construction projects fell by 1.0% for the second consecutive month. Spending on private nonresidential construction spending rose 1.5% during the month.

Construction spending in March was revised up 0.6%, from a previously estimated gain of 0.2%.

Spending on private residential construction is down 14.4% from April 2006. In April, spending on private residential construction fell to an annual rate of $563.0 billion.

Total construction spending rose to a seasonally adjusted annual rate of $1.2 trillion in April. Overall construction spending is down 2% since April 2006.

Spending on private construction fell by 0.1% in April. Spending on public projects increased 0.7%.