Construction Spending Rises Little in February
Construction spending rose 0.1% in February, the Commerce Department reported April 1.
The increase brought spending to a $945.7 billion annual rate after a revised 0.2% decline the prior month.
Spending on private residential construction declined 0.8% in February to an annual pace of $360.4 billion, the largest decline since July, the Associated Press reported.
Construction of commercial projects, such as offices, stores and hotels, declined 0.3%.
Economists are looking for sales of new and existing homes to show improvement in the spring. Pent-up demand is expected to help sales after they were depressed by an unusually severe winter, AP reported.
Construction spending can boost demand for trucking services because it increases the number of shipments of goods and building materials.
