- Total construction spending increased 0.9% m/m in March (Briefing.com consensus -3.5%) on the heels of a downwardly revised 2.5% decline (from -1.3%) in February.
- Residential spending was up 2.3% m/m while nonresidential spending declined 0.1% m/m.
- Total residential spending was up 9.0% yr/yr while total nonresidential spending was up 2.0% yr/yr.
- Total private construction spending increased 0.7% m/m in March. Residential spending jumped 2.3% while nonresidential spending declined 1.3%, paced by declines in all construction categories except communications (+0.3%).
- Total public construction spending rose 1.6% m/m. Highway and street spending, which jumped 4.6%, drove the overall increase.
- The key takeaway from the report is that it is dated. It’s nice to see that things held up reasonably well in March, but the enthusiasm for the increase in construction spending should be mitigated by the expectation that it is unlikely to be repeated in April.