US construction spending goes up

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IANS | 04 Jun, 2013
US construction spending rose less than expected in April, boosted mainly by higher outlays on private projects, the Department of Commerce reported.

Construction spending was estimated at a seasonally-adjusted annual rate of $860.8 billion in April, up 0.4 percent from the revised level of $857.7 billion in the prior month. The figure missed the market expectation of a rise of about 1 percent, reported Xinhua.

In April, spending on private construction was at a seasonally-adjusted annual rate of $602 billion, 1.0 percent higher than the revised estimate for March. Residential construction rose 0.1 percent and nonresidential construction increased 2.2 percent on a month-over-month basis.

The estimated seasonally-adjusted annual rate of public construction spending was $258.8 billion in April, down 1.2 percent from the revised March figure.

The US housing market has shown more signs of strength in recent months, but many economists believe the housing sector still has a long way to go before a full recovery.