US Construction Spending for March Looks Strong
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Data from the Commerce Department Monday showed construction spending in the US rose rather sharply during March.
The monthly reading came in at up 1.4 percent, better than the 0.4 percent increase economists had been expecting.
The initial February reading of down 1.4 percent was revised lower to down 2.4 percent.
Construction spending is down 6.7 percent over the last year.
Monday's data point marked the largest increase in construction spending since April of 2010.
Below is a breakdown of the construction data:
The monthly reading came in at up 1.4 percent, better than the 0.4 percent increase economists had been expecting.
The initial February reading of down 1.4 percent was revised lower to down 2.4 percent.
Construction spending is down 6.7 percent over the last year.
Monday's data point marked the largest increase in construction spending since April of 2010.
Below is a breakdown of the construction data:
- private construction spending was up 2.2 percent month-over-month
- public construction rose 0.1 percent
- federal construction was down 2 percent
- private non-residential projects rose 1.8 percent
- homebuilding outlays rose 2.6 percent
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