Monday, May 3, 2010

Construction Spending Up 0.2%, Driven By Public Sector Spending

In March, new construction spending reversed a four month period of declines, rising 0.2% over the month. The increase, however, was entirely due on net to an increase in public construction spending, which rose 2.3% over the month. This rise comes after months of declines as local and state government budgets have been tight. From a year prior, public spending was down 6.3%.

Residential spending, which has been volatile in recent months, fell 1.1%. However, from a year prior, spending was up 1.2%. The rate of spending though still remains at a historically low level. Private non-residential spending also fell over the month, declining 0.7%. From a year earlier, expenditures were down 25.5%.

10.05.03 (Source: Census Bureau)

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