Surprise construction spending rise

Private sector spending advances for second straight month, rising 0.8% - the biggest increase in 8 months.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

Photos
The Bust is a Boon
From California to D.C., falling home prices and cheaper mortgage rates are making dream homes possible.
How much money will the government get back from troubled automakers GM and Chrysler?
  • None
  • Some, but not all
  • All
  • All, plus a profit

WASHINGTON (Reuters) -- U.S. construction spending unexpectedly posted its biggest increase in eight months in April, advancing for a second straight month as the private sector put money into both residential and nonresidential projects, according to a government report on Monday.

The Commerce Department said spending on construction projects rose 0.8% in April from March, the biggest increase since August. Spending climbed a revised 0.4% in March, previously reported as a 0.3% rise.

Analysts polled by Reuters were expecting a 1.3% decline in overall construction spending in April.

Compared to April a year ago, construction spending was down 10.7%.

Private construction spending jumped 1.4% in April from March, the biggest advance since August. Private residential construction rose 0.7%, also the biggest increase since August, after declining 3.6 % in March.

Spending on public construction fell 0.6% in April after increasing 1% in March. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
Here come the new Windows 10 PCs In anticipation of Windows 10's July 29 debut, PC companies are showing off their best new PCs at this year's Computex electronics show. More
Bentley Mulsanne Speed - Power and elegance With its powerful engine and capacious interior, the Mulsanne Speed is the car for someone who simply wants the most of everything. More
Want a better life? Move here The Better Life Index looks beyond economic indicators to rank countries by happiness and overall well-being. More
Sponsors
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play

Copyright 2009 Reuters All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.