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.