The construction sector continued its steady progress in April with increases in spending.
Everything was sunny and fine for the U.S. construction industry in April, which continued its 2012 gains with strong showings for the month in the Census Bureau’s latest report.
Altogether, construction spending rose 0.3 percent from March to April to an $820.7 billion annual rate, which is 6.8 percent above April 2011’s estimate of $768.2 billion. Here are four other great details from the Census Bureau’s report that highlight construction’s impressive progress:
- For the first four months of 2012, spending has amounted to $238.5 billion, or 7.3 percent above the same period in 2011.
- Private construction spending, at $549.7 billion, is 1.2 percent above March.
- Residential spending, in particular, was strong, rising 2.8 percent from March to a seasonally adjusted anual rate of $256.1 billion.
- Even public construction, which has declined a bit the last couple months, showed improvements; high construction was up 0.4 percent to $77.3 billion.
Construction has been on a roll in 2012. Housing starts were up nearly 30 percent in April from the year before, and builder confidence responded accordingly, reaching its highest point since 2007.