WASHINGTON—U.S. construction spending barely rose in March as a moderate increase in outlays on private projects was partially offset by a further decline in public spending.
The Commerce Department said on Monday that construction spending edged up 0.1 percent after increasing 0.5 percent in February. Economists polled by Reuters had forecast construction spending would accelerate 0.7 percent. Construction spending increased 11.7 percent on a year-on-year basis in March.
The government reported last week that the economy contracted at a 1.4 percent annualized rate in the first quarter amid record imports. While investment in residential construction grew last quarter, spending on nonresidential structures like gas and oil well drilling fell for a fourth straight quarter.
…