Construction Spending Beats Expectations, Boosted By Strong AI-Related Demand

Construction spending in the U.S. increased more than expected in April, boosted by a jump in AI-related sectors and a surge in single-family home construction.

The Commerce Department’s ‌Census Bureau reported on Monday that construction spending rose 0.4 percent in March, twice as much as expected. The previous month’s initial estimate of a 0.6 percent gain was revised down to 0.2 percent.

Private sector spending for the construction of single-family homes rose 1.4 percent, the second consecutive month of rising spending. Compared with a year ago, however, spending is down 2.9 percent. Rising mortgage rates amid the war with Iran are…

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