The seasonally adjusted annual rate of construction spending fell 1.8% in April to an estimated $1,133.9 billion. March’s estimate was substantially revised up from $1,137.5 billion to $1,155.1 billion. February’s estimate, which was previously at an estimated $1,133.6 billion, was also revised up to $1,137.9 billion. Despite the month to month drop, April estimate is up 4.5% from a year ago.
During the first four months of 2016, construction spending totaled $334.8 billion. This is 8.7% higher than the same period in 2015 when spending totaled $307.9 billion.
The seasonally adjusted rate for private construction spending for April was $843.1 billion. This is 1.5% lower than March’s revised estimate which was revised up from $842.3 billion to $855.9 billion. February’s estimate was revised back up again, going from $832.8 billion to $836.7 billion. Total private construction spending is up 5.7% from April 2015.
Private nonresidential spending was down 1.5% from the previous month to $403.5 billion. Spending was down across nearly all types of nonresidential construction for the month with the exception of Office (+1.6%), Religious (+9.6%) and Transportation (+1.8%). Private residential was also down 1.5% for the month to $439.7 billion. New single-family construction spending was virtually unchanged but new multi-family construction dropped 3.1% in April.
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Source: Construct Connect Kendall Jones