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US construction spending virtually unchanged in April, missing expectations

Construction spending in the U.S. came in at a seasonally adjusted annual rate of $1.299 trillion in April, virtually unchanged from the revised rate for the prior month, according to a preliminary report from the U.S. Commerce Department's Census Bureau.

The Econoday consensus forecast was for a 0.4% month-over-month increase in April.

Private construction spending totaled $953.98 billion on a seasonally adjusted annual basis, down 1.7% from the revised $970.42 billion in March. Residential construction fell 0.6%, to $499.32 billion from the revised $502.37 billion, while nonresidential construction spending declined 2.9%, to $454.66 billion from the revised $468.05 billion.

Spending on public construction rose 4.8% month over month to $344.57 billion from the revised $328.74 billion.

Year over year, total construction spending declined 1.2% in April.