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Construction Spending Inches Up in April05-31-07 | News

Construction Spending Inches Up in April

WASHINGTON D.C. ?EUR??,,????'??+ The Commerce Department reported today that construction spending during April 2007 was estimated at a seasonally adjusted annual rate of $1.190 trillion, 0.1 percent above the revised March estimate of $1.189 billion. The April figure is two percent below the April 2006 estimate of $1.214 trillion.

During the first four months of this year, construction spending amounted to $345.1 billion, 2.5 percent below the $353.8 billion for the same period in 2006.

Spending on private construction was at a seasonally adjusted annual rate of $898.9 billion, 0.1 percent below the revised March estimate of $899.9 billion. Residential construction was at a seasonally adjusted annual rate of $563 billion in April, one percent below the revised March estimate of $568.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $335.9 billion in April, 1.5 percent above the revised March estimate of $331.1 billion.

In April, the estimated seasonally adjusted annual rate of public construction spending was $291 billion, 0.7 percent above the revised March estimate of $289.1 billion. Educational construction was at a seasonally adjusted annual rate of $80.2 billion, 0.3 percent above the revised March estimate of $80 billion.