April construction spending hits record high

WASHINGTON -- U.S. construction spending posted a modest rise in April, its sixth consecutive monthly gain, to hit yet another record high on a climb in residential construction, according to a government report.

Construction spending rose 0.3% in April to a record $855.2 billion annual rate, following a downwardly revised 1.1% gain in March. Construction spending in March originally was reported as being up 1.3%.

The increase in April was slightly greater than Wall Street expectations. Analysts had predicted construction spending would be unchanged for the month.

Compared with a year ago, construction spending rose 4.8%. Residential spending rose in April by 0.7%, to a $372.7 billion annual rate, marking an increase of 1% over April of last year.