Steel Markets
June 9, 2022
CPIP Data: Residential Construction Drives April Growth
Written by David Schollaert
US construction spending in April totaled $1.744 trillion at a seasonally adjusted annual rate, just 0.2% above February’s upwardly revised $1.741 trillion. Investment in construction rose less than expected as an increase in private construction was partially offset by declines in public spending, the Commerce Department reported.
Construction spending in April missed expectations, easing from a 0.3% gain in March and behind earlier forecasts of roughly 0.5% growth. While month-over-month (MoM) growth disappointed in April, year-over-year (YoY) gains remain impressive. Construction spending in March was up 12.3% YoY – driven by residential (+18.4% YoY) growth.
