(RTTNews) - A report released by the Commerce Department on Monday showed construction spending in the U.S. increased from a downwardly revised level in the month of April.
The Commerce Department said construction spending climbed by 0.4 percent to an annual rate of $2.172 trillion in April after rising by 0.2 percent to a revised rate of $2.164 trillion in March.
Economists had expected construction spending to rise by 0.3 percent compared to the 0.6 percent increase originally reported for the previous month.
The report said spending on private construction grew by 0.4 percent to an annual rate of $1.640 trillion in April after rising by 0.2 percent to an annual rate of $1.634 trillion in March.
Spending on residential advanced by 0.8 percent to an annual rate of $909.9 billion, while spending on non-residential construction dipped by 0.2 percent to an annual rate of $729.8 billion.
The Commerce Department said spending on public construction increased by 0.4 percent to an annual rate of $532.7 billion in April after inching up by 0.2 percent to an annual rate of $530.6 billion in March.
While spending on educational construction climbed by 0.6 percent to an annual rate of $113.7 billion, spending on highway construction grew by 0.4 percent to an annual rate of $149.6 billion.
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