Dive summary:
- In figures that probably surprised few observers, nonresidential spending in the U.S. in April had a net growth of 0.7% from the pace it posted in March, but it was off 2.1% from the year before.
- The gain – to a seasonally adjusted annual spending rate of $552.45 billion – was thanks to a 0.2% year-to-year rise in private sector projects that offset a 5.2% decline in public sector spending.
- The Census Bureau's sectors within nonresidential split evenly in the month-to-month comparison, with eight up and eight down, while year-to-year changes saw five sectors up, notably lodging and transportation.
From the article:
"The dominant theme associated with today’s report on the nation’s nonresidential construction industry continues to be slow and steady," said Associated Builders and Contractors Chief Economist Anirban Basu. ...