Construction Spending Rises 0.2% in March
Construction spending rose 0.2% in March, the Commerce Department reported May 1.
The increase brought spending to a $942.5 billion annual rate after a 0.2% decline the prior month.
Spending on private residential construction increased 0.5% in March to an annual pace of $679.6 billion.
Single-family home spending increased 0.2%, and apartment construction spending rose 4.3%. Residential construction spending is at its strongest pace since May 2008, the Associated Press reported.
Construction of highways rose 0.5% to an annual rate of $84 billion.
Construction spending can boost demand for trucking services because it increases the number of shipments of goods and building materials.
