Economic Buzz: US construction spending falls 0.4% in April

A report released by the Commerce Department on Monday unexpectedly showed a continued decrease by U.S. construction spending in the month of April.

The Commerce Department said construction spending fell by 0.4 percent to an annual rate of $2.152 trillion in April after shrinking by 0.8 percent to a revised rate of $2.162 trillion in March.

The unexpected decrease by construction spending came as spending on private construction slid by 0.7 percent to an annual rate of $1.639 trillion.

Spending on residential construction slumped by 0.9 percent to a rate of $892.8 billion, while spending on non-residential construction fell by 0.5 percent to $746.0 billion.

Meanwhile, the report said spending on public construction increased by 0.4 percent to an annual rate of $513.5 billion.

While spending on educational construction edged down by 0.1 percent to a rate of $110.9 billion, spending on highway construction rose by 0.5 percent to a rate of $146.3 billion.

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