April Construction Spending Rises to Record Rate

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pril construction spending rose 0.5% to a record $1.067 trillion annual pace, the Commerce Department reported Wednesday.

pril's annual spending level topped March's revised 0.6% growth rate and was the 15th consecutive monthly increase, the longest such streak since records began being kept in 1993.

Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.

Private residential construction, which accounts for more than half of construction spending, rose 0.6% in April to a $595.6 billion annual rate, Commerce said.

Non-residential construction rose 1.3% to $233.3 billion, the highest in three years, after rising 1% in March.

Construction spending by the government dropped 0.4% in April, while public spending on road projects fell 3.2% to $66.4 billion, Commerce reported.

Bloomberg reported that road spending was hindered by the absence of a new federal highway bill.