US construction spending rose 0.4 percent in April
United States construction spending increased by 0.4% in April, surpassing economist expectations despite rising mortgage rates. While residential investment grew 0.8%, private nonresidential structures saw a ninth consecutive quarterly contraction amid broader economic pressures.
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United States construction spending rose 0.4% in April, exceeding economist forecasts for a 0.2% gain.
The increase follows a downwardly revised 0.2% rise in March and represents a 0.9% year-over-year advance. Residential construction climbed while nonresidential structures continued to decline.
