Construction Spending Grows in April
Construction spending rose 2.7% in April, the most since 2000, the Commerce Department said Tuesday.
The increase to an $869 billion level followed a revised 0.4% climb in March that was more than originally reported.
Economists had forecast no change in construction spending in April, Bloomberg reported.
Spending fell 11% in the 12 months ended in April.
Private residential construction grew 2.9%, while spending on private non-residential construction projects gained 1.7%. Public construction spending rose 2.4%.
Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.
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