US construction spending falls 0.2% in March

US construction spending falls 0.2% in March

Figure up 9.6% on annual basis, says Commerce Department

By Ovunc Kutlu

ISTANBUL (AA) - US construction spending fell 0.2% to $2,083.9 billion in March, the Commerce Department's figures showed Wednesday.

Construction spending, one of the major indicators of well-being in the construction sector, was expected to show a monthly increase of 0.3%, according to market estimates.

The figure for February stood at $2,087.8 billion for a monthly decline of 0.3%.

Annually, the reading in March was 9.6% above the figure from the same month in 2023 when it stood at $1,901.4 billion, said the agency.

"During the first three months of this year, construction spending amounted to $461.0 billion, 10.6 percent above the $416.7 billion for the same period in 2023," it added.

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