Construction Spending Edges Up in March

Washington, DC, May 1, 2012 -- Construction spending rose a slight 0.1% in March, the Commerce Department reported Tuesday.

While it was the first increase in construction spending in three months, the gain was below analysts' expectations of a 0.5% rise.

Also, February construction spending was revised down to a 1.4% decline from the previous estimate of a 1.1% drop.

In March, spending on private construction rose 0.7% and residential construction rose 0.7%. Private non-residential construction rose 0.7% in March after two straight declines.

However, spending on public projects fell 1.1% in March to its lowest level since February 2007.

State and local construction fell 1.6% in March to hit its lowest level since November 2006.