Private sector construction in the U.S. fueled a continued rebound in overall construction spending in April, according to figures released Friday by the Commerce Department.
Total construction spending for the month came in at a seasonally adjusted annual rate of $820.7 billion, a 0.3 percent increase over revised March levels.
And while the 0.3 percent growth rate was less than the 0.4 percent growth predicted by most economists, it comes atop revised figures that show construction spending growing at 0.3 percent in March, revised up from the 0.1 percent initially reported.
Furthermore, February construction spending figures, which had initially reported a 1.4 percent drop, were revised to show a less severe 0.4 percent decline.
by RTT Staff Writer
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