U.S. construction spending unexpectedly fell 0.2% in March due to a decrease in private construction.
U.S. construction spending unexpectedly fell 0.2% in March, according to the Commerce Department, due to a decrease in private construction spending. This was lower than the expected 0.3% increase. Spending on private construction dropped 0.5% to an annual rate of $1.601 trillion, while residential construction spending fell 0.7% to an annual rate of $884.3 billion. In contrast, public construction spending rose 0.8% in March.
May 01, 2024
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