Construction Spending Continues to Yo-Yo

by Chicago Agent

yo-yo-kitchenerConstruction spending in the U.S. seems to be a bit of a roller coaster as of late. After rising in February, spending dropped to $856.7 billion. This is 1.7 percent below the revised February estimate of $871.2 billion, according to the U.S. Census Bureau.

However, March’s spending is 4.8 percent above the year-ago estimate of $817.8 billion.

Spending on private construction was 0.6 percent below the revised February estimate of $602.0 billion, dropping to $598.4 billion in March.

Residential construction spending was at a seasonally adjusted rate of $294.4 billion in March, up 0.4 percent from February’s estimate of $293.8 billion.

During the first three months of 2013, construction spending totaled $181.7 billion, 4.7 percent above the $173.6 billion for the same period in 2012.

“Overall, construction appears to be slowing except for the housing sector,” analysts at Econoday said.

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