Construction spending in April rose 0.3%, for the second consecutive monthly increase. The growth in March was revised from 0.1% to 0.3% as well. The April number is 6.8% higher than a year ago.
Public construction spending continued to drag, declining 1.4% from the previous month. However, increases in private construction were able to offset the decline, increasing 2.8%. The increase in private construction spending was led by a 2.8% increase in residential spending.
April’s data, while better than March’s, suggest the recovering economy has still not fully taken off.
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