March Construction Spending at Highest Level Since October 2007

Washington, DC, May 2, 2016—Construction spending rose 0.3% to $1.14 trillion in March, its highest level in more than eight years, according to the Commerce Department.

March’s gain followed a 1% rise in February and marks the highest level since October 2007.

Home construction rose 1.6%, while nonresidential construction rose 0.7%.

Spending on government projects fell 1.9%, with both state and local and federal spending decreasing.