WASHINGTON – Spending on construction in the United States fell 0.6 percent in March to an annualized rate of $966.6 billion, the Commerce Department reported Friday.
The government adjusted its figures for February, reporting no change instead of the initial estimate of a 0.1 percent decline.
Public-sector construction spending decreased 1.5 percent in March, the third monthly reduction in a row, while residential projects in the private sector saw a 1.6 percent fall.
The good news in the report was the 1 percent increase in spending on private non-residential projects such as hotels and office buildings.
Economists say the March dip in construction spending was temporary and probably a result of the harsh winter storms that affected much of the country.