Nonresidential construction spending remained unchanged in April on a monthly basis, according to an Associated Builders and Contractors (ABC) analysis of U.S. Census Bureau data released today. However, year-over-year spending was up a sturdy 6.1%.
Private sector spending increased 0.8% on a monthly basis and is up 5.3% from a year ago. Public sector spending fell 1.4% in April, but is up 7.3% year over year.
“Between today’s employment and construction spending reports, it is clear that the economy continues to exhibit strong momentum and abundant confidence,” said ABC Chief Economist Anirban Basu.