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June 01, 2017US CONSTRUCTION SPENDING, APRIL 2017
US construction spending decreased by 1.4 per cent in April compared to March, to a seasonally adjusted annual rate of $1,218 billion. Residential construction spending decreased by 0.9 per cent while non-residential spending decreased by 1.7 per cent. Private spending declined 0.7 per cent while public spending decreased by 3.7 per cent.
Compared to April of 2016, total construction spending was up 6.7 per cent, with increased residential (15.6 per cent) and non-residential spending (0.8 per cent). Private spending increased by 10.4 per cent while public spending decreased 4.4 per cent.
In the first four months of the year, total spending was up 5.5 per cent compared to the same period in 2016. Residential spending grew by 11.3 per cent while non-residential grew by 1.6 per cent. Private spending increased 9.2 per cent while public spending fell 5.4 per cent.
US construction spending, especially residential spending, is an important indicator for Nova Scotia's wood exports. Though not a perfect predictor, US residential construction spending and the value of Nova Scotia's wood exports follow similar directions over time. In 2016, US residential construction spending increased by 5.4 per cent over 2015, while Nova Scotia's wood product exports to the U.S. grew 5.2 per cent.
Source: US Census Bureau
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