SILVER SPRING, Md. – U.S. construction spending bounced back in March following a February beset by frigid cold and winter storms across large swaths of the country.
However, spending on construction projects rose just 0.2% in March, the Commerce Department said Monday, significantly less than the 1.7% jump economists had expected.
February's decline was revised downward even further, to -1.2% from previous reading of -0.8%.
Private construction continued to grow, but at a slower pace, up 0.7% from the previous month, with residential construction up 1.7%.