Construction Spending Misses Expectations

Construction spending climbed 0.2% month-over-month in March.

This missed expectations for a 0.5% rise.

Meanwhile, February’s reading was revised down to reflect a 0.2% fall, compared with an initial reading of a 0.1% rise.

Private residential consutrction was up 0.8% on the month and 16% on the year. But public residential construction was down 6.6% on the month and 26.7% on the year.

Homebuilder confidence climbed modestly in April but has been disappointing. Meanwhile, new home sales plunged and housing starts have also been disappointing.

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