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Construction Spending Continues to Rise

June 8, 2023
Check out the latest numbers from the U.S. Census Bureau.

The United States Census Bureau recently released a report on construction spending from April 2023. Here are the highlights from the report:

Total Construction

Construction spending during April 2023 was estimated at a seasonally adjusted annual rate of $1,908.4 billion, 1.2 percent (±0.7 percent) above the revised March estimate of $1,885.0 billion. The April figure is 7.2 percent (±1.2 percent) above the April 2022 estimate of $1,780.9 billion. During the first four months of this year, construction spending amounted to $566.7 billion, 6.1 percent (±1.0 percent) above the $533.9 billion for the same period in 2022.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $1,500.7 billion, 1.3 percent (±0.3 percent) above the revised March estimate of $1,481.6 billion. Residential construction was at a seasonally adjusted annual rate of $845.4 billion in April, 0.5 percent (±1.3 percent) above the revised March estimate of $841.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $655.3 billion in April, 2.4 percent (±0.3 percent) above the revised March estimate of $640.0 billion.

Public Construction

In April, the estimated seasonally adjusted annual rate of public construction spending was $407.7 billion, 1.1 percent (±1.2 percent) above the revised March estimate of $403.4 billion. Educational construction was at a seasonally adjusted annual rate of $88.3 billion, 0.1 percent (±1.8 percent) below the revised March estimate of $88.4 billion. Highway construction was at a seasonally adjusted annual rate of $124.7 billion, 1.3 percent (±3.5 percent) above the revised March estimate of $123.1 billion.

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