April 2023 Construction Spending

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The U.S. Census Bureau announced construction spending for April 2023 was at a seasonally adjusted annual rate of $1,908 billion, 1.2% above the revised estimate of $1,885 billion in March. Compared to the same period last year, construction spending was up 7.2 %. For the first four months of the year, spending amounted to $567 billion, up 6.1% above that same period in 2022.

While private construction spending in April was $1,501 billion, up 1.3% from the revised March estimate of $1,482 billion, public construction spending was $407 billion, 1.1% above the revised March estimate of $403 billion. Additionally, public construction spending is up 16.5% from April 2022 compared to last year. A leading contributor, highway construction was robust in April at $125 billion, 1.3% above the previous month and up 21.6% from last year.

More information may be found at: https://www.census.gov/construction/c30/pdf/release.pdf