US construction spending slips again in April

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 (Jun 3) said construction spending fell 0.1 per cent after slipping 0.2 per cent in March.

Economists polled by Reuters had forecast construction spending would gain 0.2 per cent. Construction spending increased 10 per cent on a year-on-year basis in April.

Spending on private construction projects fell 0.1 per cent in April, led by declines in commercial projects.

Public project spending fell 0.2 per cent, with the two largest categories – educational and highway construction – both showing declines. REUTERS