Construction spending in April dropped to a seasonally adjusted annual rate of $1.196 trillion, down 0.1 percent from March, but up 8.5 percent from April 2005, the Census Bureau reported last week. New single-family construction dropped 1.6 percent for the month, although the January to April total was up 13 percent year over year.
New multi-family private construction rose 1 percent for the month, and 19 percent year over year for the January through April period. Private non-residential construction rose 2.5 percent for the month and 11 percent year-to-date.
Leading sub-categories were multi-retail shopping centers and shopping malls, up 37 percent year to date; hospitals up 25 percent; manufacturing 22 percent; lodging 14 percent and office construction up 14 percent.