Construction Spending Rises 1.4% in March
Construction spending rose 1.4% in March, the biggest gain in almost a year, the Commerce Department said Monday.
The increase, which followed three straight declines and was the biggest since April 2010, left spending at a $768.9 billion annual rate.
The upturn topped economists’ median forecast of 0.4% increase, Bloomberg reported.
Private construction spending rose 2.2%, as homebuilding spending gained 2.6%.
Public construction spending saw a 0.1% uptick, turning around five straight declines. Federal construction spending fell 2%.
Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.
