According to a report from the U.S. Commerce Department, construction spending in the United Sates declined 1.1% month-over-month in March.
Nevertheless, the move was expected by economists, who had projected a decline of 0.7% following February's upwardly revised 0.4% increase.
Prior to revisions, construction spending had fallen 0.3% month-over-month.
Residential construction fell 4.6% compared to February's 1.0% increase while non-residential construction gained 1.3% after rising 0.5% in the previous month.
The report also noted 1.7% pullback in private construction and a 0.6% rise in public building. In February, both measures came in at +0.3% and +0.4% respectively.
Over the last twelve months, construction spending has declined 3.4%.
By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd.