June 22, 2023
Total Construction
For construction spending in April 2023, a seasonally adjusted annual rate of $1,908.4 billion was predicted. This represents a 1.2% increase when compared to the updated March forecast of $1,885.0 billion and a 7.2% increase relative to the April 2022 projection of $1,780.9 billion. In the first four months of 2023, construction spending reached $566.7 billion, an increase of 6.1% from the $533.9 billion in the corresponding four months of 2022.
Private Construction
Spending on private construction increased 1.3% to a seasonally adjusted annual rate of $1,500.7 billion from the updated March projection of $1,481.6 billion. A seasonally adjusted annual rate of $845.4 billion for residential construction was recorded in April, which is 0.5% more than the updated March projection of $841.6 billion. For nonresidential construction in April, a seasonally adjusted annual rate of $655.3 billion was predicted, which is 2.4% higher than the updated March projection of $640.0 billion.
Public Construction
The estimated seasonally adjusted annual rate of public construction spending in April was $407.7 billion, which is 1.1% more than the updated projection for March of $403.4 billion. The seasonally adjusted annual rate for educational construction was $88.3 billion, which is 0.1% less than the updated March projection of $88.4 billion. The seasonally adjusted annual rate of highway construction was estimated at $124.7 billion, 1.3% more than the updated projection for March of $123.1 billion.
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