Construction spending weak despite small uptick
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.