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US construction spending rebounds in April

U.S. construction spending rebounded in April, rising 1.8% to a seasonally adjusted annual rate of $1.310 trillion from the revised $1.287 trillion in the previous month, the Census Bureau said.

The March figure was 1.7% lower than the February number.

In annual terms, construction spending jumped 7.6% last month from an estimate of $1.218 trillion in April 2017.

During the first four months this year, construction spending stood at $387.0 billion, up 6.6% from $363.08 billion in the same period last year.

Spending on private construction rose 2.8% to a seasonally adjusted annual rate of $1.014 trillion in April from the revised $986.63 billion in the previous month.

Residential construction spending rose 4.5% to a seasonally adjusted annual rate of $556.29 billion from $532.43 billion, while nonresidential construction stood at $457.99 billion, up 0.8% from $454.19 billion.

Spending on public construction slipped 1.3% to $296.12 billion from the revised March estimate of $300.14 billion.