The U. S. Census Bureau reported today that 2016 construction spending is up by 8.7% as compared to the first four months of 2015. April 2016 construction spending was estimated at a seasonally adjusted annual rate of $1,133.9 billion. Though April’s figure is down 1.8% from March 2016, it is 4.5% higher than the April 2015 construction spending estimates.
April 2016 construction spending for the private sector amounted to $843.1billion. Nonresidential construction spending makes up the majority of construction spending with the highest spending in power and highway and street construction.
In the public sector, April 2016 spending was $290.8 billion (seasonally adjusted annual rate). Public sector highway and street construction and educational facilities were among the highest categories for public sector construction spending.
Construction spending data is gathered by The Value of Construction Put in Place Survey. The survey provides monthly estimates of total US construction spending. It covers construction work done each month on new structures or improvements to existing structures for private and public sectors. Data estimates include the cost of labor, materials, architecture, engineering, overhead costs, interest and taxes and contractor’s profits.
For more information, visit the US Census Bureau website.