Construction spending declines 1.7 percent in March
Construction 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.
From our partners
Sandvik Construction’s extensive range of rock tools are world renowned for combining advanced materials technology, with skillful design focusing on…
MORE FROM Aggbeat Online
SUBSCRIBE & FOLLOW
- The nation’s top 25 crushed stone producers564 Views
- A set of dinosaur footprints were found in a German quarry511 Views
- A Game of Stones: Quarry set location of 'The Wall' in HBO show could become a permanent attraction461 Views
- Summit Materials acquires Utah construction materials company370 Views
- A miner was seriously injured after a metal walkway gave way270 Views