Construction spending dropped 2.9% in April, according to data released this week by the United States Commerce Department. The department cited the ongoing coronavirus pandemic and project shutdowns across the country as the drivers behind the decrease.
Spending was estimated at a seasonally adjusted annual rate of $1,346.2 billion. The previous month's reading (March) was $1,386.6 billion. In April 2019, the estimate totaled $1,307.1 billion. The decline was the largest in 18 months—since October 2018 (a 3% fall). Here's a breakdown by sectors with significant changes:
- Private construction: -3%
- Public construction: -2.5%
- Residential construction: -4.5%
- Single-family construction: -6.6%
- Nonresidential construction: -1.3%
- Highway construction: -5.2%