U.S. Construction Spending Unexpectedly Edges Slightly Lower In March

Reflecting a decrease in spending on private construction, the Commerce Department released a report on Wednesday showing U.S. construction spending unexpectedly edged slightly lower in the month of M...

RTT Staff Writer•Wednesday, May 1, 2024•1 min read

Reflecting a decrease in spending on private construction, the Commerce Department released a report on Wednesday showing U.S. construction spending unexpectedly edged slightly lower in the month of March.

The report said construction spending dipped by 0.2 percent to an annual rate of $2.084 trillion in March, while economists had expected construction spending to rise by 0.3 percent.

Meanwhile, revised data showed construction spending came in unchanged in February compared to the previously reported 0.3 percent drop.

The Commerce Department said spending on private construction spending fell by 0.5 percent to an annual rate of $1.601 trillion in March.

Spending on residential construction slid by 0.7 percent to an annual rate of $884.3 billion, while spending on non-residential construction slipped by 0.2 percent to an annual rate of $716.5 billion.

Meanwhile, the report said spending on public construction climbed by 0.8 percent to an annual rate of $483.1 billion in March.

Spending on educational construction jumped by 1.0 percent to an annual rate of $102.7 billion, while spending on highway construction advanced by 0.9 percent to an annual rate of $149.0 billion.