WASHINGTON – U.S. construction spending rose slightly in March, fueled by increases for apartments, single-family homes, factories, health care centers and office projects.
The Commerce Department says construction spending increased just 0.2 percent in March after having fallen 0.2 percent in February. The March gains put construction at a seasonally adjusted annual rate of $942.5 billion, an 8.4 percent increase year-over-year.
Construction spending dipped in January with the harsh winter weather and continues to run below its December 2013 levels.
Apartment construction spending increased 4.3 percent in March, while single-family home spending inched up 0.2 percent. Residential construction spending is at its strongest pace since May 2008, nearly five years ago.
Spending on government projects fell 0.6 percent, including a 2.3 percent drop for schools and educational buildings.