Nationwide construction spending increased 5.9 percent in March compared to the same period a year earlier, according to data released today by the U.S. Census Bureau. The positive growth comes in contrast to a 3.2 percent decline in public spending compared to last March and a 1 percent drop from February of this year. Despite dwindling government investment, private spending was up in both residential and non-residential construction, signifying a possible improving economic climate.
The biggest growth in the private sector came from new multi-family home construction, which jumped 23.2 percent year-over-year. Single-family home construction was also on the rise along with non-residential commercial and office construction, increasing 10.3, 9.4 and 8.6 percent, respectively. — Christopher Cameron