Construction Spending Picks Up in April

Washington, DC, June 1, 2011 — Construction spending increased in April, rising 0.4% to $765 billion, the Commerce Department reported Wednesday.

Construction spending was forecast to fall 0.3%. Spending is 9.3% lower than the April 2010 level.

The seasonally adjusted annual rate of private construction rose 1.7% in April while the seasonally adjusted public construction rate declined 1.9%.

The March data was revised to show a 0.1% gain, from an initially reported 1.4% gain.