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Thursday, July 2, 2020
HomeNewsEconomyConstruction Spending Fell Less than Expected in April

Construction Spending Fell Less than Expected in April

Construction planning drawings on the table and two yellow pencils to illustrate total construction spending data and projects. (Photo: AdobeStock)
Construction planning drawings on the table and two yellow pencils to illustrate total construction spending data and projects. (Photo: AdobeStock)
Construction planning drawings on the table and two yellow pencils to illustrate total construction spending data and projects. (Photo: AdobeStock)

Washington, D.C. (PPD) — Total construction spending was estimated at a seasonally adjusted annual rate of $1,346.2 billion in April, a less than expected 2.9% (±0.8%) decline. The U.S. Census Bureau revised the month of March higher from its initial estimate to $1,386.6 billion.

Forecasts ranged from a low of -8.0% to a high of -0.9%. The consensus forecast was -5.5%.

While a decline, the figure for April is still 3.0% (±1.5%) higher than the April 2019 estimate of $1,307.1 billion. In fact, the first four months of
this year still saw construction spending amount to $412.5 billion. That’s 7.1% (±1.2%) higher than the $385.2 billion during the same period in 2019.

Private Construction

Total private construction spending was estimated at a seasonally adjusted annual rate of $1,004.1 billion, or 3.0% (±0.7%) below the revised March estimate of $1,035.6 billion.

Residential construction posted at a seasonally adjusted annual rate of $536.8 billion in April, 4.5% (±1.3%) below the revised March estimate of $561.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $467.3 billion in April, 1.3% (±0.7%) below the revised March estimate of $473.6 billion.

Public Construction

Total public construction spending estimated seasonally adjusted annual rate of public construction spending was $342.1 billion, 2.5% (±1.5%) below the revised March estimate of $351.0 billion.

Educational construction was at a seasonally adjusted annual rate of $78.6 billion, down 2.3% (±1.5%) from the revised March estimate of $80.4 billion. Highway construction came in at a seasonally adjusted annual rate of $106.1 billion, down 5.2% (±4.6%) from the revised March estimate of $111.9 billion.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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