Construction Spending Falls at Fastest Pace in 5 Years

Posted To: MND NewsWire

Construction spending continued to disappoint in April, but unlike in the preceding three months, residential construction also declined. The Census Bureau said that construction was put in place during the month at a seasonally adjusted annual rate of $1.13 trillion, down 1.8 percent from the upwardly revised (from $1.14 trillion) March rate of $1.155 trillion--the biggest drop since the -4.1 percent reading in early 2011. The April number was an increase of 4.5 percent from the April 2015 estimate of $1.09 trillion. Analysts polled by Econoday were expecting construction expenditures to rise 0.6 percent. The actual number was well below even the lowest predictions which ranged from gains of 0.1 percent to 0.9 percent. On a non-seasonally adjusted basis, spending in April was $91.57 billion...(read more)

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