Residential construction spending continues to rise

A worker carries a sheet of wood to cover roof trusses at a home under construction./Photographer: Ty Wright/Bloomberg via Getty Images

By Jann Swanson | Mortgage News Daily

Construction spending dipped slightly in March, although privately funded spending held its ground and residential construction activity was at a higher pace than in February. The U.S. Census Bureau said on Monday that construction of all types was put in place at a seasonally adjusted annual rate of $1.22 trillion in March, down 0.2 percent from February but 3.6 percent higher than the estimate of $1.18 trillion in March 2016.

On a non-adjusted basis spending during the month totaled $92.945billion, up from 84.00 billion in February. Spending for the year-to-date through the end of March ran 4.9 percent higher than for the same period in 2016.

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