CONSTRUCTION SPENDING RISES IN APRIL

Construction spending during April rose 0.4 percent to a seasonally adjusted annual rate of $860.8 billion compared with March’s revised estimate of $857.7 billion. The April figure is 4.3 percent higher than a year ago. During the first four months of this year, construction spending amounted to $250.7 billion, 4.5 percent above the $239.8 billion for the same period in 2012. Residential construction was at a seasonally adjusted annual rate of $301.9 billion in April, 0.1 percent below the revised March estimate of $302.2 billion.