Construction Spending Rose 1.2% in April

Washington, DC, June 1, 2023-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 $1,885.0 billion, according to the U.S. Census Bureau. The April figure 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.

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.

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. Highway construction was at a seasonally adjusted annual rate of $124.7 billion, 1.3% above the revised March estimate of $123.1 billion.