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.
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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 in total construction spending was the largest since April 2010.
Economists expected construction spending to increase 0.4% for the month, according to the median estimate from Thomson Reuters.
Public construction edged higher by 0.1%. Federal construction dropped 2.0% but state and local spending increased 0.3%.
