Construction Spending Slid 2.9% in April

Washington, DC, June 1, 2020-Construction spending during April 2020 was estimated at a seasonally adjusted annual rate of $1,346.2 billion, 2.9% below the revised March estimate of $1,386.6 billion, according to the U.S. Census Bureau. The April figure is 3.0% above the April 2019 estimate of $1,307.1 billion. During the first four months of this year, construction spending amounted to $412.5 billion, 7.1% above the $385.2 billion for the same period in 2019.

Spending on private construction was at a seasonally adjusted annual rate of $1,004.1 billion, 3.0% below the revised March estimate of $1,035.6 billion. Residential construction was at a seasonally adjusted annual rate of $536.8 billion in April, 4.5% below the revised March estimate of $561.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $467.3 billion in April, 1.3% below the revised March estimate of $473.6 billion.

In April, the estimated seasonally adjusted annual rate of public construction spending was $342.1 billion, 2.5% below the revised March estimate of $351.0 billion. Educational construction was at a seasonally adjusted annual rate of $78.6 billion, 2.3% below the revised March estimate of $80.4 billion. Highway construction was at a seasonally adjusted annual rate of $106.1 billion, 5.2% below the revised March estimate of $111.9 billion.