Construction spending rises slightly

Construction spending for April was above the revised March estimate but below the figure a year ago, the U.S Census Bureau reported Wednesday. Spending during March was estimated at a seasonally adjusted annual rate of $765 billion, 0.4 percent above the previous month's revised estimate of $762.1 billion, but 9.3 percent below the April 2010 estimate of $843.1 billion, the Commerce Department said in a release. Spending on private construction was at a seasonally adjusted annual rate of $483 billion, 1.7 percent above the revised March estimate of $474.7 billion, the Census Bureau said. The report indicated residential construction was at a seasonally adjusted annual rate of $232.1 billion in April, 3.1 percent above March's revised estimate of $225.1 billion. Non-residential construction was at a seasonally adjusted annual rate of $250.8 billion in April, 0.5 percent above the revised March estimate of $249.6 billion. The estimated seasonally adjusted annual rate of public construction spending in April was $282 billion, 1.9 percent lower than the revised March estimate of $287.4 billion, the Census Bureau said. Educational construction was at a seasonally adjusted annual rate of $67.3 billion, 2.7 percent below the revised March estimate of $69.2 billion, the bureau said. Highway construction was at a seasonally adjusted annual rate of $77.5 billion, 1.6 percent lower than the revised March estimate of $78.7 billion.