Late winter storms probably helped keep construction spending in check in March. Total spending was down 0.9% after two months of modest increases. Residential construction was particularly hard hit (down 1.8%) while nonresidential was less so (down 0.3%).
Private construction spending for single-family residences was down 1.5% in March, while multi-unit construction spending was up 0.7%. The calculation for spending on home improvement — private residential less single- and multi- units — was down 3.1% as consumers were waiting to get started on spring projects.
Spending on private nonresidential projects was up 0.5% in March, while public spending was down 1.3%, some of it due to a reset after the burst of spending in January and February.
Disclaimer: Whetstone Analysis provides commentary as a service to its subscribers. Whetstone Analysis is not responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference to, or reliance on any information contained within the site. While the information contained within the site is periodically updated and every effort is made to ensure its accuracy, no guarantee is given that the information provided in this Web site is correct, complete, and up-to-date. Click here to read our full Disclaimer.