Construction Spending Rebounds in March

Washington, DC, May 1, 2014 -- Construction spending rose slightly in March, according to the Commerce Department.

Spending expanded for apartments, single-family homes, health care centers and office projects. Total spending rose 0.2% after falling by the same amount in February.

The March gains put construction at a seasonally adjusted annual rate of $942.5 billion, an 8.4% increase over the last year.

Apartment construction spending rose 4.3% in March, while single-family home spending edged up 0.2%.

Spending on government buildings fell 0.6%, including a 2.3% drop for schools.