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Private and residential construction stall out in April

Public project outlays pull construction spending up 0.2%

Construction spending rose 0.2% in April from March to as seasonally adjusted annual rate of $953.5 billion, missing the 0.7% expectation by the most in 13 months.

Despite the expected spring bounce after poor numbers blamed on a harsh winter, spending was lead mainly by public project outlays as private and residential construction stalled out.

While not the great unleashing of weather-caused pent-up demand, it was 8.6% above the annual spending rate for April 2013, according to the U.S. Census Bureau. However, aside from January’s freeze out, it’s the slowest growth in spending since August 2013.   

During the first 4 months of this year, construction spending amounted to $274.5 billion, 8.9% above the $252.1 billion for the same period in 2013.

Spending on private construction was at a seasonally adjusted annual rate of $686.5 billion, nearly the same as the revised March estimate of $686.8 billion.

Residential construction was at a seasonally adjusted annual rate of $378.5 billion in April, 0.1% above the revised March estimate of $378.3 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $308 billion in April, 0.1% below the revised March estimate of $308.5 billion.

The seasonally adjusted annual rate of public construction spending was $267 billion, 0.8% above the revised March estimate of $264.8 billion.

Educational construction was at a seasonally adjusted annual rate of $62.6 billion, 3% above the revised March estimate of $60.8 billion. Highway construction was at a seasonally adjusted annual rate of $81.3 billion, 1.1% below the revised March estimate of $82.2 billion.

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