U.S. March Construction Tops Estimates

Construction spending during March was at a seasonally adjusted annual rate of $1.052 trillion, five-tenths of a percentage point higher than February's revised rate of 1.047 trillion, the U.S. Department of Commerce reported on May 2. March's increase was substantially higher than the three-tenths percent gain economists generally expected.

During March, U.S. spending on private construction was at a seasonally adjusted annual rate pf $815.5 billion, five-tenths of a percent higher than February's revised rate of $811.3 billion. The seasonally adjusted annual rate for public construction in March was $236.3 billion, three tenths of a percentage point higher than February's revised rate of $235.6.

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