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Financial News: U.S. Construction Spending Inches Higher In March

U.S. Construction Spending Inches Higher In March

05/02/2022 - 10:59:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Monday showed a modest increase in U.S. construction spending in the month of March.

The Commerce Department said construction spending inched up by 0.1 percent to an annual rate or $1.731 trillion in March after rising by 0.5 percent to a revised rate of $1.729 trillion in March. Economists had expected construction spending to increase by 0.7 percent.

The uptick in total construction spending came as spending on private construction rose by 0.2 percent to an annual rate of $1.380 trillion.

Residential construction jumped by 1.0 percent to a rate of $882.0 billion, but spending on non-residential construction tumbled by 1.2 percent to a rate of $497.6 billion.

Meanwhile, the report showed spending on public construction dipped by 0.2 percent to an annual rate of $350.8 billion.

Spending on educational construction slid by 0.8 percent to a rate of $80.3 billion, while spending on highway construction fell by 0.4 percent to a rate of $103.1 billion.

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