Lee Fehrenbacher//June 4, 2012//
Construction spending increased slightly in April, led by increases in multifamily and single-family projects.
According the U.S. Department of Commerce, nationwide construction spending in April grew 0.3 percent over the month to $820.7 billion. In yearly figures, April was 6.8 percent above April 2011 while, cumulatively, the first four months of 2012 were 7.3 percent above the same period a year ago at $238.5 billion. That gain came even though January and February saw slight declines.
Spending in private construction edged up by 1.2 percent over the month to $549.7 billion. Transportation and multifamily projects led the charge in that arena, increasing 7.7 percent to $12.04 billion, and 4.1 percent to $18 billion respectively. New single family construction also grew 1.8 percent to $119.4 billion. Manufacturing and religious projects saw the steepest declines, decreasing 4.6 percent to $40.9 billion and 4.3 percent to $3.7 billion respectively.
While private-sector construction was up, public-sector was down 1.4 percent to $270.9 billion.
Residential construction jobs fell off the most in the public sector, declining 6.8 percent to $6.24 billion. Amusement and recreation jobs also dropped 5.1 percent to $8.7 billion. Health care projects made the biggest incremental gains, growing 2.5 percent to $10.6 billion.