Construction Spending Rises 12.3% Year-Over-Year in April

Total construction spending inched upward 0.2% from March to April to $1.7 trillion, the U.S. Census Bureau announced. Compared with April 2021, construction spending rose 12.3%.

Residential construction spending grew 0.9% month-over-month and 18.2% year-over-year. Nonresidential construction spending dipped 0.4% month-over-month and increased 6.6% year-over-year.

“Nonresidential construction spending is being held back by a paucity of qualified workers, not a lack of projects,” stated Ken Simonson, chief economist for the Associated General Contractors of America. “With job openings at an all-time high and the industry’s unemployment rate at the lowest ever for April, finding workers is contractors’ top concern.”

The full construction spending report can be found here.