The annual pace of construction spending topped $1 trillion for the 22nd consecutive month in April 2006, rising 8.5% to an annual rate of $1.19 trillion, according to a recent report by the U.S. Census Bureau. Construction spending totaled $349.3 billion during the first four months of 2006, up 8.9% over construction spending during the same period in 2005. The annual pace of total construction spending has remained above $1 trillion since July 2004.

Spending on residential construction in April 2006 increased 7.2% over the previous year to a rate of $664.6 billion. The value of nonresidential construction activity in April rose 10.2% to a rate of $531.3 billion.