Highlights
Construction spending posted a 0.3 percent gain in April, following an upwardly revised 0.3 percent boost the month before (originally up 0.1 percent). Analysts forecast a 0.4 percent increase for the latest month.

The gain in April was led by private residential outlays which increased 2.8 percent after a 0.4 percent rise in March. For the latest month, new multifamily outlays jumped 4.1 percent while new single-family spending rose 1.8 percent. Public outlays fell 1.4 percent while private nonresidential outlays dipped 0.2 percent in April.

On a year-ago basis, overall construction came in at up 6.8 percent in April, compared to 7.3 percent the prior.

The construction sector is showing modest and gradual improvement. The recovery is not very strong currently but at least there are numerous indications that recession is not back. Slight positive growth certainly is better than decline.

Market Consensus before announcement
Construction spending rebounded 0.1 percent in March after falling 1.4 percent the prior month. The rise in March was led by both private residential and private nonresidential outlays. Private residential outlays gained 0.7 percent after dropping 2.2 percent in February. The latest number was led by the new one-family subcomponent. Private nonresidential outlays advanced 0.7 percent, following a 1.7 percent dip the month before. Public outlays fell 1.1 percent after a 0.3 percent decline in February.

2012 Release Schedule

Released On: 1/3 2/1 3/1 4/2 5/1 6/1 7/2 8/1 9/4 10/1 11/1 12/3 Release For: Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct