Construction Spending Rises in March
Construction spending rose 0.2% in March, the Commerce Department said Monday.
The upturn to an $847.3 billion level followed a revised 2.1% drop in February that was more than the 1.3% originally reported.
The increase was in contrast with economists’ forecasts of a 0.5% decline, Bloomberg reported.
Construction spending fell 12% in the 12 months ended in March
Private residential construction fell 1.1%, while spending on private non-residential construction projects fell 0.7%. Public construction spending rose 2.3%.
Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.
