Construction spending declines 1.7 percent in March

EQW Staff

May 1, 2013

shutterstock_20984158-e1361377165504Construction spending decreased by 1.7 percent in March to a seasonally adjusted annual rate of $856.7 billion, the lowest it has been since August 2012, our sister site, Equipment World, reported.

These figures come on the heels of a 1.2-percent boost in February.

The decline–the sharpest since 2006–was affected by government spending, which dropped 4.1 percent in March  to a seasonally adjusted rate of $258.3 billion. Construction spending was 5.4 percent higher a year ago.

Despite low monthly figures, construction spending improved by 4.8 percent year-over-year.

Residential construction wasn’t deterred by the low monthly spending either; that sector grew by 0.7 percent in March to a seasonally adjusted rate of $301.6 billion, and is 17.8-percent higher than in March 2012.

However, non residential construction decreased by 2.9 percent in March to $555, which is 1.2 percent lower than a year ago.

For more details about construction spending in March, read the full story at EquipmentWorld.com.

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