US construction spending falls in March

WASHINGTON(Reuters) – U.S. construction spending unexpectedly fell in March likely as a resurgence in mortgage rates weighed on homebuilding, but activity remains supported by an acute housing shortage. The Commerce Department’s Census Bureau said on Wednesday that construction spending slipped 0.2% after being unchanged in February. Economists polled by Reuters had forecast construction spending gaining 0.3%. Construction spending increased 9.6% year-on-year in March. Spending on private construction projects decreased 0.5% in March after rising 0.2% in February. Investment in residential construction dropped 0.7% after increasing 0.7% in the prior month. Outlays on new single-family construction projects fell 0.2%.   To continue reading the rest of the article, please click on the source link below: https://kdal610.com/2024/05/01/us-construction-spending-falls-in-march/