US construction expenditure declines in April once more.
(Reuters) – Due to decreases in non-residential activity, U.S. construction spending unexpectedly dropped for a second consecutive month in April. However, expenditures for the construction of single-family homes increased to their highest level since August 2022.
Following a 0.2% decline in March, the Census Bureau of the Commerce Department said on Monday that construction spending decreased by 0.1%. According to Reuters polled economists, construction spending would increase by 0.2%. In April, the annual rise in construction spending was 10%.
April saw a 0.1% decrease in private construction project spending, mostly due to a drop in commercial projects. Spending on public projects decreased by 0.2%, with decreases seen in the two biggest categories—highway construction and education.