Construction Spending Disappoints in April
Jun 1, 2017
Construction spending fell 1.4% in April compared with expectations for a 0.5% improvement. Even considering positive revisions to the prior two months’ results, April’s spending levels fell short of estimates. Within the details, a pullback in spending on home improvements offset a seventh consecutive month of increased spending on construction of new single family homes. In the private non-residential space, total spending fell 0.6% and has weakened for three straight months. To be sure, January’s result was the best on record. The two biggest contributors in the non-residential category, commercial and power, both pulled back in April. In the public category, spending on residential and non-residential was down from their respective March levels.