Construction spending moved upward in April, increasing 0.8% compared to the previous month to a seasonally adjusted level of $968.7 billion, according to figures released today by the U.S. Census Bureau. Year-over-year, that represents a 10.7% drop in overall activity.
Private residential construction also posted a slight gain, rising 0.7% on a monthly basis to a seasonally adjusted spending level of $249.2 billion. On an annual basis, though, April’s figures for private residential construction are off 35%.
Not surprisingly, new single-family construction struggled in April, with a 6.7% monthly drop and a 53% annual plunge to a seasonally adjusted spending level of $95.7 billion. Multifamily also took a tumble, slipping 2.6% on a monthly basis and 17.4% annually to a $36.6 billion level.
Alison Rice is senior editor, online, at BUILDER magazine.