UH OH: Construction Spending Misses Forecasts, Increases 0.1%

Construction Worker Hard Hat Bridge Germany

Photo: Sean Gallup/Getty Images

UPDATE:Construction spending increased by 0.1 per cent in March, reversing a revised 1.4 per cent decline in February.

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The Census Bureau said spending increased to an annual pace of $808.1 billion during the month, 6.0 per cent above year ago levels. 

The anemic pace of growth was attributable to declines in public sector spending on construction, which fell 1.1 per cent to a pace of $276.2 billion.

Public spending on transportation was flat month-on-month, at $24 billion.

Private construction gained 0.7 per cent, to $528.1 billion, with equal gains in residential and non-residential construction. 

ORIGINAL:

Minutes away from the March construction spending report, which economists forecast will reverse last month’s decline.

Consensus is for a 0.5 per cent sequential gain, following February’s 1.1 per cent contraction.

The announcement is scheduled for 10:00 a.m.

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