April saw an annual increase of 7.2% in US construction spending

Posted on June 9, 2023   |  

In April, US construction spending grew annually by 7.2% to $1908.4 billion compared to April 2022 and 1.2% beyond the revised March estimation of $1,780.9 billion.

In the first 4 months of 2023, construction spending grew by 6.1% to $566.7 billion compared to the same period in 2022.

Private construction spending grew by 1.3% to SAAR of $1,500.7 billion compared to the revised March estimate of $1,481.6 billion.

Residential construction grew by 0.5% to SAAR of $845.4 billion in April and Nonresidential construction also grew by 2.4% to SAAR of $655.3 billion.

The evaluated seasonally adjusted annual rate of public construction spending increased by 1.1% to $407.7 billion.