Construction Spending Hits Highest Level Since October 2007

Construction spending increased 0.3 percent in March to its highest level since October 2007, according to a Commerce Department report cited in a Reuters story.

Construction spending increased 0.3 percent in March to its highest level since October 2007, according to a Commerce Department report cited in a Reuters story.

February experienced an upwardly revised 1.0 percent jump. Construction outlays were previously reported to have declined 0.5 percent.

The revised February construction spending figures were much higher those used in the government's advance first-quarter GDP estimate published last week.

Economists expect GDP growth for the first three months of the year will be revised up to a 0.7 percent rate.

"This morning's data indicate that residential and nonresidential structures investment will both likely be revised higher in the second estimate," said Jesse Hurwitz, an economist at Barclays in New York.

Construction spending in March was supported by a 1.1 percent surge in private construction, which hit its highest level since October 2007. Public construction spending fell 1.9 percent in March.

The full story is available here.

 

 

 

 

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish