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Construction spending in the U.S. unexpectedly decreased in the month of March, the Commerce Department revealed in a report released on Thursday. The Commerce Department said construction spending fell by 0.5 percent to an annual rate of $2.196 trillion in March after climbing by 0.6 percent to a revised rate of $2.207 trillion in February. The unexpected pullback by construction spending partly reflected a decline in spending on private construction, which slid by 0.6 percent to an annual rate of $1.688 trillion. Spending on residential construction fell by 0.4 percent to an annual rate of $937.7 billion, while spending on non-residential construction slumped by 0.8 percent to an annual rate of $750.3 billion. The report also showed a modest decrease in spending on public construction, which dipped by 0.2 percent to an annual rate of $508.1 billion. While spending on educational construction decreased by 0.6 percent to an annual rate of $110.0 billion, spending on highway construction slid by 0.5 percent to an annual rate of $145.8 billion. Powered by Commodity Insights
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