Construction spending weak despite small uptick

The Associated Press
June 1, 2011
COMMERCIAL, RETAIL, FABRICATION : BUSINESS

U.S. builders began work on more home-remodeling projects in April, but the increase barely lifted overall construction spending above its lowest level in more than a decade, according to a June 1 report from The Associated Press.

Construction spending rose 0.4 percent in April, the Commerce Department reported Wednesday. The jump in spending on home improvements offset declines in single-family homes and apartment construction. Overall spending on construction projects in April totaled a seasonally adjusted annual rate of $765 billion — just 0.5 percent above an 11-year low of $761 billion hit in February, according to the AP report.

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