Construction Spending at Record High

WASHINGTON D.C. - The Department of Commerce reported Wednesday that construction spending in April was estimated at a seasonally adjusted annual rate of $1.066 trillion, 0.5 percent above the revised March estimate of $1.062 billion. The April figure is 8.2 percent above the same period in 2004. During the first four months of this year, construction spending amounted to $309.5 billion, 9.1 percent above the $283.6 billion recorded during the same period last year.

Spending on private construction was at a seasonally adjusted annual rate of $828.9 billion, 0.8 percent above the revised March estimate of $822.6 billion. Residential construction was at a seasonally adjusted annual rate of $595.6 billion in April, 0.6 percent above the revised March estimate of $592.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $233.3 billion in April, 1.3 percent above the revised March estimate of $230.3 billion.

The Commerce Department report shows that the estimated seasonally adjusted annual rate of public construction spending was $238 billion in April, 0.4 percent below the revised March estimate of $238.9 billion. Educational construction was at a seasonally adjusted annual rate of $66.9 billion, 2.9 percent above the revised March estimate of $65 billion. Highway construction was at a seasonally adjusted annual rate of $66.4 billion, 3.2 percent below the revised March estimate of $68.5 billion.