Residential construction spending decreased 0.9% from March to April to a seasonally adjusted annual rate of $904 million, according to the U.S. Census Bureau. Compared with April 2024, residential construction spending decreased 4.7%.
Industry-wide construction spending fell 0.4% from March to April to a seasonally adjusted annual rate of $2.152 trillion. Compared with April 2024, construction spending decreased 0.5%.
“Construction spending slipped in April as headwinds like trade policy uncertainty, high interest rates and tight lending standards continued to batter industrywide momentum,” Associated Builders and Contractors Chief Economist Anirban Basu said in a statement. “Nearly 22% of contractors reported tariff-related project delays or cancellations in April, and despite changes to certain import tax rates in May, policy uncertainty remains extraordinarily elevated.
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