Spending in the U.S. on nonresidential construction was down 0.2% from February to March, but it still stood 5.7% above where it had been a year earlier, according to federal data reported Tuesday by Associated Builders and Contractors.
More serious is that March was another month in which it was the public sector that dragged down the total, which would have showed a slight gain if only private-sector numbers counted.
Twelve months of the spending done in March would put the yearly total at $556.85 billion, Commerce Department figures showed. That annual rate slipped in February and January, too.
"Private nonresidential construction spending increased 0.7% for the month and is up 15.2% year over year. In contrast, public nonresidential construction fell 1.1% in March and is down 2.8% compared with the same time last year," ABC said.
