U.S. Construction Spending Hits All-Time Record High in April

Construction spending rose to a record-high seasonally adjusted annual rate of $1,310.4 billion in April. This is a 1.8% increase from March’s estimate which was revised up from $1,284.7 billion to $1,286.8 billion. February’s estimate was revised up again from $1,306.4 billion to $1,309.2 billion. April’s estimate is up 7.6% from a year ago when the April 2017 estimate for total construction spending was $1,217.7 billion.

Total construction put in place (CPIP) through the first four months of the year was $387.0 billion, a 6.6% increase over the same period in 2017 where total CPIP was $363.1 billion.

Total nonresidential construction spending was at a seasonally adjusted annual rate of $747.0 billion, relatively unchanged from March’s estimate which has been revised up from $741.0 billion to $747.2 billion.

Total residential construction was at an estimated seasonally adjusted annual rate of $563.4 billion in April. This is up 4.4% from March’s estimate which has been revised down from $543.8 billion to $539.6 billion.

Total private construction spending for April 2018 was at a seasonally adjusted annual rate of $1,014.3 billion. April’s estimate is 2.8% higher than March’s estimate which has been revised down from $987.5 billion to $986.6 billion. February’s estimate for private construction spending was revised up again from $1,009.1 billion to $1,012.5 billion. Private construction is up 7.6% from a year ago.

Private nonresidential construction spending in April was at a seasonally annual adjusted rate of $458.0 billion. This is 0.8% above March’s estimate which was revised up from $450.7 billion to $454.2 billion. February’s estimate was revised up again from $452.5 billion to $457.1 billion.

April’s private residential construction spending was at a seasonally adjusted annual rate of $556.3 billion. April’s estimate is 4.5% higher than March’s estimate which was revised down from $536.8 billion to $532.4 billion. February’s estimate was revised back down slightly from $556.5 billion to $555.4 billion.

The seasonally adjusted annual rate for public construction spending for April 2018 was $296.1 billion. This is 1.3% lower than March’s estimate which was revised up from $297.2 billion to $300.1 billion. February’s estimate for public spending was revised back down from $297.3 billion to $296.7 billion.

April’s seasonally adjusted annual rate of public construction spending was up 7.7% from a year ago when the April 2017 estimate was $275.1 billion. Total public CPIP for January through April was $81.7 billion, a 7.6% increase from the same time period a year ago when total public CPIP was $75.9 billion.

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