Residential construction spending, meanwhile, was 0.8% higher after a strong monthly increase in April. Read: New-home sales rebound in May on hearty demand. Market reaction: The dow jones industrial Average DJIA, +1.58% under pressure because of trade war concerns, was little-changed after the release.
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According to construction records filed with the Department of Buildings, no significant modifications were made since the facility began housing. spending lot of time going to and fro and if.
After a long downturn in the housing market, home prices in many parts of the U.S. are showing signs of recovery. "Don’t you think it’s a little too sparkly?" There is no shortage of glittery.
Separately, U.S. construction spending, which has suffered from a slowdown in the housing market, was flat in April, the Commerce Department said. The Atlanta Fed is forecasting gross domestic product rising at a 1.6% annualized rate in the April-June quarter. The economy grew at a 3.1% pace in the first quarter.
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US construction spending up 1.8 percent in April to record. The strength stemmed from a sizable 4.5 percent rise in residential construction, the biggest percentage gain since November 1993. Non-residential construction rose by a more modest 0.8 percent while spending on government projects fell 1.3 percent as both the federal government and state and local governments saw declines.
Residential construction spending – 99% is "private" rather than "public" spending – dropped 8% from June 2018, the ninth month in a row of year-over-year declines, to a seasonally adjusted annual rate of $513 billion, back to January and February 2017 levels, and down 10% from the recent peak in April 2018.
Construction is expected to provide a healthy contribution to economic growth this year. The gain in home construction marked a rebound from a 2.6 percent drop in March and was driven by a 3.6 percent jump in the volatile apartment sector. Spending on single-family homes was flat in April.
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WASHINGTON (AP) – U.S. construction spending surged 1.8 percent to a record high in April as home building rose by the largest amount in 24 years.
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WASHINGTON – U.S. construction spending surged 1.8 percent to a record high in April as home building rose by the largest amount in 24 years. The April gain reversed a 1.7 percent drop in March.