US Construction Spending Records Largest Drop in Five Years

Dropping 1.8% in April, U.S. construction spending posted its largest drop since January 2011. Economists had forecast construction spending to rise 0.6% in April.

In April, private construction spending dropped 1.5%, it's largest decline since January 2013. Private nonresidential spending also dropped 1.5% for the month. Public construction spending dropped even more at 2.8%. Federal government construction spending was down 0.2%.

(more on the plunge in April U.S. construction spending...)