US construction spending drops

GMT 03:11 2015 Saturday ,02 May

Arab Today, arab today US construction spending drops

Worker helps to frame a new home at a housing tract in Las Vegas
Washington - SPA

U.S. construction spending dropped in March, the government said Friday, as an increase in nonresidential construction was offset by declines in home building and government projects.

The Commerce Department reported that construction spending fell 0.6 percent in March after being flat in February.

Construction activity has fallen or shown little to no gain in four of the past five months, which is a sign of the economic toll from a difficult winter.

For March, housing construction declined 1.6. Both single-family construction and apartment construction contracted. Spending on government projects fell 1.5 percent, the third straight drop.

However, March also saw a 1 percent rise in nonresidential construction, with gains in the building of hotels and office buildings.

Economists forecast a rebound in coming months as warmer weather boosts activity.

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