The Commerce
Department reported on Thursday that the U.S. construction spending dropped by
0.5 per cent m-o-m in March, following a downwardly revised 0.5 per cent m-o-m rise (from +0.7 per cent m-o-m) in February.
Economists had expected construction spending to gain by 0.2 per cent m-o-m in March.
According to
the report, spending on private construction declined by 0.6 per cent m-o-m in March, driven by a 0.8 per cent m-o-m fall in non-residential
spending and a 0.4 per cent m-o-m decrease in residential spending.
The public
construction outlays went down 0.2 per cent m-o-m, primarily reflecting a 0.2 per cent m-o-m slip in non-residential
spending. At the same
time, residential public construction
spending increased 0.2 per cent m-o-m.
On a y-o-y
basis, construction spending soared 2.8 per cent in March.