Keeping you up to date on the latest data releases.
- Construction Spending
Total construction spending inched up 0.2 percent in March following four consecutive monthly declines. March’s gain was attributable to a 2.3 percent rise in public nonresidential spending, as private spending fell on both the residential and nonresidential fronts. Despite the 1.1 percent drop in private residential construction, year-over-year growth climbed positive for the first time since June 2006, at 1.2 percent. The overall picture of construction, though, remains a weak one. Total spending is still down 12.3 percent from its year-ago level, only modestly improved from last September’s trough of −15.8 percent. And both public and private nonresidential spending have reached record year-over-year lows, at −6.8 percent and a whopping −25.5 percent, respectively.