U.S. construction spending has increased 7.6 percent year-over-year after rising 1.8 percent in April, according to the Department of Commerce, as reported by Reuters. This was the largest increase since January 2016 after a 1.7 percent decline in March.
In April, spending on private construction projects increased 2.8 percent, which was the largest increase since January 2012, according to Reuters. This reversed March’s 2.6 percent decrease. Costs on private residential projects rose 4.5 percent as well, the largest rise since November 1993, following a 4.1 percent plunge in March. In addition, spending on nonresidential construction increased 0.8 percent in April as well.
Public construction project investments decreased 1.3 percent in April after rising 1.2 percent in March, and spending on federal government construction projects decreased 10.2 percent, which followed a 1.8 percent increase in March, according to Reuters.
