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AGC reports slight decline in U.S. construction spending in April

AGC reports slight decline in U.S. construction spending in April

ARLINGTON, VA. — Total U.S. construction spending inched down from March to April with declines in public projects and a mixed pattern among private residential and nonresidential categories, according to an analysis of a new government report released by the Associated General Contractors of America.

Association officials noted in a release, however, that construction spending levels remain well above where they were a year ago.

Construction spending, not adjusted for inflation, totalled US$2.099 trillion at a seasonally adjusted annual rate in April. That figure is 0.1 per cent below the upwardly revised March rate, but 10.0 per cent above the April 2023 level.

Spending on private nonresidential projects declined 0.3 per cent on balance in April but rose 8.3 per cent year-over-year. The largest private segment, manufacturing construction, climbed 0.9 per cent for the month and 17.1 per cent over 12 months. Commercial construction fell 1.1 per cent in April and was virtually unchanged from a year earlier. Investment in power, oil and gas projects edged up 0.1 per cent in April and rose 7.4 per cent year-over-year.  

Spending on private residential construction ticked up 0.1 per cent for the month and 8.0 per cent year-over-year. Single-family construction rose for the 12th month in a row, by 0.1 per cent, and 20.4 per cent year-over-year. Multifamily spending fell 0.3 per cent in April but climbed 2.3 per cent from April 2023. 

Public construction spending fell 0.3 per cent for the month but rose 16.7 per cent from a year earlier. The largest public segment, highway and street construction, fell 0.5 per cent in April but rose 16.4 per cent over 12 months. Public educational spending fell 0.2 per cent in April but rose 16.8 per cent over the year.

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