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    Analysis

    June 9, 2022

    CPIP Data: Residential Construction Drives April Growth

    Written by David Schollaert

    US construction spending in April totaled $1.744 trillion at a seasonally adjusted annual rate, just 0.2% above February’s upwardly revised $1.741 trillion. Investment in construction rose less than expected as an increase in private construction was partially offset by declines in public spending, the Commerce Department reported.

    Construction spending in April missed expectations, easing from a 0.3% gain in March and behind earlier forecasts of roughly 0.5% growth. While month-over-month (MoM) growth disappointed in April, year-over-year (YoY) gains remain impressive. Construction spending in March was up 12.3% YoY – driven by residential (+18.4% YoY) growth.

    David Schollaert

    David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

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