Highway Construction Spending Jumps 21% in April

By Rod Sutton – Construction Equipment Total construction spending in April increased by 1.2 percent from March and 7.2 percent year-over-year. Highway and street construction rose 1.2 percent and 21.4 percent, respectively. In its analysis of the data, the Associated General Contractors of America cited widespread gains in nonresidential and multifamily construction spending that offset a continuing plunge in single-family homebuilding. “Today’s report shows there has been no letup in most categories of construction despite worries about tighter credit and a possible slowdown in the broader economy,” said Ken Simonson, chief economist. “The top concern for most contractors is finding qualified workers, not projects to bid on.” Construction spending, not adjusted for inflation, totaled $1.908 trillion at a seasonally adjusted annual rate in April, 1.2 percent above the March rate, which was revised up sharply from the initial estimate a month ago. The total exceeded the April 2022 rate by 7.2 percent. READ FULL ARTICLE >>