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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Haim R. Branisteanu who wrote (29126)5/2/2005 11:05:01 AM
From: mishedlo  Read Replies (4) of 116555
 
U.S. March construction spending rises 0.5%
Monday, May 2, 2005 2:20:58 PM
afxpress.com

WASHINGTON (AFX) -- Outlays on U.S. construction projects increased by a stronger-than-anticipated 0.5% in March, the Commerce Department said Monday. Economists surveyed by MarketWatch were expecting construction spending to rise by 0.2%. The department said March spending rose to a seasonally adjusted annual rate of $1.05 trillion. Spending on private construction rose 0.5% above the revised February estimate of $811.3 billion, while spending on public construction rose 0.3% above the revised February estimate of $236 billion. Residential, non-residential private construction, educational and highway construction all rose in March, the department said

The March figure is 8.0% above the $974 billion reported a year earlier. Residential construction rose 0.3% in March to a seasonally adjusted annual rate of $585.3 billion. Spending on nonresidential construction, meanwhile, climbed 1.1% to $230.3 billion, the Commerce Department said. Spending on educational and highway projects increased in March also. Educational construction was at a seasonally adjusted annual rate of $64 billion, 0.4% above the revised February estimate. Spending on highway construction rose 0.4% to $69 billion
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