Construction Spending Reaches $1 Trillion

Construction spending increased 2.2 percent in April to a seasonally adjusted annual rate (SAAR) of $1 trillion. March spending was revised up from $967.2 billion to $984.0 billion. Construction spending during the first four months of 2015 amounted to $288.7 billion, 4.1 percent higher than the first four months of 2014.

Total private construction rose to $725.2 billion (SAAR), 1.8 percent higher than the revised March estimate of $712.1 billion.

Private residential construction rose to $353.1 billion (SAAR), 0.6 percent above March’s estimate, as both construction of single and multi-family homes rose for the month. For the year, private residential construction declined 2.1 percent.

Private non-residential construction increased by 3.1 percent, with lodging construction posting the most notable gains. Construction related to communication infrastructure was the only non-residential segment to post a decline.

Public construction rose 3.3 percent, despite an 8.9 percent decline in the commercial public construction segment and a 15 percent decline in the power public construction segment. Public construction increased 3.5 percent for the year.