Private Construction Spending Increases
March construction spending increased 0.3 % from February, according to the Census Bureau of the Department of Commerce. Residential construction helped drive the increase, showing 1.6 % growth over February's number, which was upwardly revised to show a 1% gain instead of the original report of a 0.5% drop.
The numbers show that private and residential construction growth is helping to offset the drop in public sector construction. The March number is 8% above the March 2015 estimate. And, for the first quarter of 2016, construction spending is 9.1% above year-ago numbers.
Private nonresidential construction increased 0.7% in March from February. Total public construction dipped 1.9% below February's number, although spendind on educational construction and highway construction showed a 0.4% increased.
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