US construction spending slips again in April
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A construction worker carries a steel bar at the site of a large public infrastructure reconstruction project of an elevated roadway and bridges in upper Manhattan in New York City, New York, U.S., April 22, 2021. REUTERS/Mike Segar
(Reuters) - U.S. construction spending fell unexpectedly for a second consecutive month in April on declines in non-residential activity, though outlays for single-family home building climbed to the highest since August 2022.
The Commerce Department's Census Bureau on Monday said construction spending fell 0.1% after slipping 0.2% in March. Economists polled by Reuters had forecast construction spending would gain 0.2%. Construction spending increased 10% on a year-on-year basis in April.
Spending on private construction projects fell 0.1% in April, led by declines in commercial projects. Public project spending fell 0.2%, with the two largest categories - educational and highway construction - both showing declines.
(Reporting by Dan Burns; Editing by Paul Simao)
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