Industry News

Real estate construction spending rises

Commerce Department reports 17% year-over-year gain
Published on Jun 1, 2004

Private residential construction spending was at a seasonally adjusted annual rate of $520.7 billion in April, or 1.2 percent above the revised March estimate of $514.7 billion, the U.S. Department of Commerce reported today. In April 2003, the seasonally adjusted annual rate of private residential construction spending was $443.9 billion, or 17.3 percent lower than the April 2004 estimate. Total spending on private construction was at a seasonally adjusted annual rate of $739.9 billion in April 2004, or 1.2 percent above the revised March estimate of $731.1 billion. Total construction put in place spending during April 2004 was estimated at a seasonally adjusted annual rate of $970.4 billion, or 1.3 above the revised March estimate of $957.6 billion, according to the U.S. Commerce Department's Census Bureau. The April figure is 11.3 percent above the April 2003 estimate of $871.9 billion. During the first four months of this year, construction spending amounted to $277.5 billion, 8...

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