U.S. construction spending flat in April, little sign of housing rebound
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Construction is expected to contribute greatly to economic growth this year. The gain in home construction marked a rebound from the 2.6 percent drop seen in March and was driven by a 3.6 percent jump in the volatile apartment sector. Spending on single-family homes was flat in April.
WASHINGTON (AP) – U.S. construction spending surged 1.8 percent to a record high in April as home building rose by the largest amount in 24 years. The April gain reversed a 1.7 percent drop in March, the Commerce Department reported Friday. The strength stemmed from a sizable 4.5 percent rise in residential construction, the biggest percentage gain since November 1993.
Separately, U.S. construction spending, which has suffered from a slowdown in the housing market, was flat in April, the Commerce Department said. The Atlanta Fed is forecasting gross domestic product rising at a 1.6% annualized rate in the April-June quarter. The economy grew at a 3.1% pace in the first quarter.
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Growth in U.S. manufacturing activity slowed in May to its weakest pace in over two years as factory managers raised concerns about a trade war between the United States and China, a national.
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Construction spending flat in May Originally published July 3, 2017 at 7:02 am Updated July 3, 2017 at 9:35 am In this Thursday, May 19, 2016, photo a worker works on a high-rise building in Boston.
Construction spending in the U.S. was basically flat in April, suggesting little pickup in the housing industry despite tumbling mortgage rates. Economists surveyed by MarketWatch had predicted a.
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U.S. construction spending surged 1.8 percent to a record high in April as home building rose by the largest amount in 24 years. The April gain reversed a 1.7 percent drop in March, the Commerce Department reported Friday. The strength stemmed from a sizable 4.5 percent rise in residential.
U.S. homebuilding increased more than expected in March amid a rebound in the construction of multi-family housing units, but weakness in the single-family segment suggested the housing market was slowing. Housing starts rose 1.9 percent to a seasonally adjusted annual rate of 1.319 million units, the Commerce Department said on Tuesday.
Residential construction spending changed little in February from January but rose 4.6% from February 2011. The seasonally adjusted annual rate, as reported by the Census Bureau, fell $4 million.
WASHINGTON U.S. construction spending was flat in May with homebuilding falling again, even as buyers face climbing prices and a shortage of available properties on the market. The Commerce.