US construction spending up just 0.2 per cent in March; residential spending best in 5 years
WASHINGTON – U.S. construction spending rose slightly in March, fueled by increases for apartments, single-family homes, factories, health care centres and office projects.
The Commerce Department says construction spending increased just 0.2 per cent in March after having fallen 0.2 per cent in February. The March gains put construction at a seasonally adjusted annual rate of $942.5 billion, an 8.4 per cent increase year-over-year.
Construction spending dipped in January with the harsh winter weather and continues to run below its December 2013 levels.
Apartment construction spending increased 4.3 per cent in March, while single-family home spending inched up 0.2 per cent. Residential construction spending is at its strongest pace since May 2008, nearly five years ago.
Spending on government projects fell 0.6 per cent, including a 2.3 per cent drop for schools and educational buildings.
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