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Construction Spending Rises 0.3%

6/1/2012 11:00:00 AM
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Construction spending rose in April for a second straight month, the Commerce Department said Friday.

The 0.3% increase followed a 0.3% gain in March that was larger than the 0.1% originally reported, Commerce said.

Economists had forecast a 0.4% increase, Bloomberg reported.

Private construction spending rose 1.2%, while homebuilding spending jumped 2.8%. Public construction spending slipped 1.4%.

Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.

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Emil Estafanous, CPA, CFF, CGMA