US construction spending slips again in April
Business
US construction spending slips again in April
(Reuters) - US 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.
