Construction Spending Falls in March, Up from 2012

Washington, DC, May 2, 2012 -- Construction spending fell in March from February but was still higher than a year ago, according to the Commerce Department.

Strength in home building was offset by the biggest drop in government projects in more than 10 years.

Construction spending fell 1.7% in March, but was was 4.8% higher than the same time last year.

In March, residential construction rose 0.4%, while every other sector was down.

Government construction fell 4.1%, the biggest drop since March 2002.

Spending for single-family homes was up 1.6% while multi-family construction rose 0.3% in March.

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