By Xavier Fontdegloria
Construction spending in the U.S. rose less than expected in April as an increase in private construction was partly offset by declines in public spending.
Construction spending increased 0.2% in April on-month, easing from the 0.3% rise registered in March, according to data from the Commerce Department released Wednesday. Economists polled by The Wall Street Journal expected a 0.5% increase in April.
Spending on private construction rose 0.5%, with spending on new, single family homes rising by 0.5%, and investment in multi-family housing projects edging up by 0.8%. Private spending on nonresidential construction fell 0.2% on month, while total public construction spending decreased 0.7% on month, according to the report.
Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com
This article was originally published by Marketwatch.com. Read the original article here.
