Value of New Construction Data Shows Minimal Increase in April to $860.8 Billion

The U.S. Census Bureau of the Department of Commerce announced that construction spending during April 2013 was estimated at a seasonally adjusted annual rate of $860.8 billion, 0.4% above the revised March estimate of $857.7 billion. The April figure is 4.3% above the April 2012 estimate of $825.1 billion. During the first four months of this year, construction spending amounted to $250.7 billion, 4.5% above the $239.8 billion for the same period in 2012.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $602 billion, 1% above the revised March estimate of $595.9 billion. Residential construction was at a seasonally adjusted annual rate of $301.9 billion in April, 0.1% below the revised March estimate of $302.2 billion, but 18.8% above the April 2012 rate. Nonresidential construction was at a seasonally adjusted annual rate of $300.1 billion in April, 2.2% above the revised March estimate of $293.7 billion. Private power construction showed the biggest percent increase in April, jumping 10.8% to $83.1 billion.