Highway spending turns up

Construction spending during April was estimated by the U.S. Commerce Department at a seasonally adjusted annual rate of $869.1 billion, 2.7% above the revised March estimate of $845.9 billion. The April figure is 10.5% below the April 2009 estimate of $971.4 billion.

During the first four months of this year, construction spending amounted to $249.6 billion, 13.2% below the $287.5 billion for the same period in 2009.

In April, the estimated seasonally adjusted annual rate of public construction spending was $303.3 billion, 2.4% above the revised March estimate of $296.2 billion.

Highway construction was at a seasonally adjusted annual rate of $84.3 billion, 3.6% above the revised March estimate of $81.3 billion. It was the first up month for highway construction spending since last October.