Keeping you up to date on the latest data releases.
- Construction Spending
Total private construction spending increased 2.2 percent in March and now stands at $476.1 billion (SAAR). Both residential and nonresidential spending contributed to the increase. Residential spending increased 2.6 percent, continuing it’s bumpy path of monthly ups and downs. Note that all of the increase in residential spending came via home improvements and renovations (up 6.9 percent over the month), as spending on new single family and new multi-family homes both decreased over the month. Nonresidential construction added another positive month (+ 1.8 percent) to what has been a similarly erratic path of alternating monthly gains and losses. Most major nonresidential sectors were positive over the month with the exception of commercial (down 0.5 percent), amusement and recreation (down 1.0 percent), transportation (down 6.3 percent), and communication (down 2.7 percent). Residential and nonresidential construction spending levels are well below their March 2010 values.