The Commerce Department announced on Monday that the U.S. construction
spending jumped 0.3 percent m-o-m in March, rebounding after a downwardly revised 0.3 percent m-o-m decline (from -0.1
percent m-o-m) in February.
Economists had foreseen construction
spending to increase 0.1 percent m-o-m in March.
According to the report, spending on private construction increased 0.3 percent m-o-m in March, as a 1.0 percent
m-o-m climb in nonresidential spending was partly offset by a 0.2 percent m-o-m
drop in residential spending.
Meanwhile, the public construction outlays increased 0.2 percent m-o-m, underpinned
by a 0.8 percent m-o-m advance in residential spending and a 0.2 percent m-o-m gain
in nonresidential spending.
On a y-o-y basis, construction spending soared 3.8 percent in March.