7marketSpot ? US: Modest Rise in April Construction Spending

US: Modest Rise in April Construction Spending

1 JUN 2011

Total construction spending increased for the second consecutive month, up 0.4 percent in April. The gain was
largely concentrated in residential construction. Public construction outlays dropped 1.9 percent.

Construction Spending Starts Q2 on Soft Note
? Continuing its soft rebound from weather-depressed activity in
previous months, total construction spending increased
0.4 percent in April. March?s initial 1.4 percent gain was
basically revised away with the new reading at only 0.1 percent.
? Thanks to a 7.6 percent gain in home improvement, private
residential construction spending increased 3.1 percent. Private
nonresidential construction edged up only 0.5 percent.

Positive, but Slow, Construction Recovery Expected
? The outlook for construction spending remains rather weak. We
still believe residential construction will post modest, low
single-digit gains in the second half of the year, but a pickup in
the pace of household formation and hiring would be most
welcome. Modest growth in the nonresidential sector is also
expected as too few lenders are interested in allocating capital
for new construction projects.

Source: http://7marketspot.com/archives/8181

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