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U.S. Construction Spending Inches Higher In March

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May. 2, 2022, 10:59 AM

(RTTNews) - A report released by the Commerce Department on Monday showed a modest increase in U.S. construction spending in the month of March.

The Commerce Department said construction spending inched up by 0.1 percent to an annual rate or $1.731 trillion in March after rising by 0.5 percent to a revised rate of $1.729 trillion in March. Economists had expected construction spending to increase by 0.7 percent.

The uptick in total construction spending came as spending on private construction rose by 0.2 percent to an annual rate of $1.380 trillion.

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Spending on educational construction slid by 0.8 percent to a rate of $80.3 billion, while spending on highway construction fell by 0.4 percent to a rate of $103.1 billion.