US construction spending surges in April
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2023-06-01 22:49
WASHINGTON U.S. construction spending surged in April, boosted by investment in nonresidential structures, but higher mortgage rates continued

WASHINGTON U.S. construction spending surged in April, boosted by investment in nonresidential structures, but higher mortgage rates continued to depress single-family homebuilding.

The Commerce Department said on Thursday that construction spending jumped 1.2% after rising 0.3% in March.

Economists polled by Reuters had forecast construction spending climbing 0.2%. Construction spending shot up 7.2% on a year-on-year basis in April.

Spending on private construction projects increased 1.3%. Outlays on private non-residential structures like gas and oil well drilling soared 2.4%.

Investment in residential construction rose 0.5%. A 0.8% drop in spending on single-family housing projects was offset by a 0.6% rise in outlays on multi-family housing projects.

Spending on public construction projects jumped 1.1%.

(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)

Tags economy construction epus finance usa