Construction Spending Grows in April

Construction spending rose 2.7% in April, the most since 2000, the Commerce Department said Tuesday.

The increase to an $869 billion level followed a revised 0.4% climb in March that was more than originally reported.

Economists had forecast no change in construction spending in April, Bloomberg reported.

Spending fell 11% in the 12 months ended in April.

Private residential construction grew 2.9%, while spending on private non-residential construction projects gained 1.7%. Public construction spending rose 2.4%.

Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.