Construction Spending - Up in March

Daily Real Estate News May 5, 2009
Construction Spending Inches Up in March Construction spending rose in March for the first time in six months, according to the Commerce Department.The March rate was up 0.3 percent, compared to February, but it was 11.1 percent below spending in March 2008. Analysts had predicted a 1.5 percent drop in spending compared to February.Private construction declined 0.1 percent in March, reflecting a 4.1 percent decrease in residential building, which is nearly half of the category. Much of the increase came from spending by governments, which indicates that Obama administration’s funding for infrastructure is beginning to reach the U.S. economy.

Source: Reuters (05/04/2009