US construction spending slips again in April

By Thomson Reuters Jun 3, 2024 | 9:47 AM

(Reuters) – U.S. construction spending fell unexpectedly for a second consecutive month in April on declines in non-residential activity, though outlays for single-family home building climbed to the highest since August 2022.

The Commerce Department’s Census Bureau on Monday said construction spending fell 0.1% after slipping 0.2% in March. Economists polled by Reuters had forecast construction spending would gain 0.2%. Construction spending increased 10% on a year-on-year basis in April.

Spending on private construction projects fell 0.1% in April, led by declines in commercial projects. Public project spending fell 0.2%, with the two largest categories – educational and highway construction – both showing declines.

(Reporting by Dan Burns; Editing by Paul Simao)