Nonresidential construction spending declined 0.3 percent in March, according to an Associated Building Contractors analysis of U.S. Census Bureau data. Nonresidential spending, which totaled $740.9 billion on a seasonally adjusted, annualized basis, has expanded 2.5 percent on a year-over-year basis. February 2017’s spending estimate was revised roughly $10 billion higher, from $732.8 billion to $742.8 billion, rendering the March decline less meaningful, the report states.
Private sector nonresidential construction spending fell 0.4 percent on a monthly basis, according to the ABC, but rose 2.2 percent from a year ago. Public sector nonresidential spending remained unchanged in March, but it is up 2.9 percent year-over-year, according to the report.
