WASHINGTON — Construction spending increased 1.4% at a seasonally adjusted annual rate in March, the first increase in four months and the largest increase in almost a year, the Commerce Department reported Monday.
February’s construction spending was revised lower to a 2.4% decline from a 1.4% drop reported last month. Spending fell 1.0% in January and 3.2% in December.
March private construction jumped 2.2%, the largest increase since October. Private residential construction rose 2.6% and nonresidential construction was up 1.8%.
The March increase was the largest since April 2010.
Economists had expected construction spending to increase 0.4% for the month, according to the median estimate from Thomson Reuters.
