U.S. Construction Spending Declined in March

Washington, D.C.–Construction spending fell 1.1 percent last month, fueled by the largest residential construction spending decline in 26 years, the Commerce Department said Thursday.January and February’s numbers were revised upward. Total construction spending is now 3.4 percent lower than last year, according to MarketWatch. In March, private-sector residential project spending dropped 4.6 percent–the biggest reduction since 1981. For the year, residential project spending is down 19.9 percent.Spending for private, nonresidential projects–with a push from communications and lodgings projects–increased 1.9 percent and is up 15.4 percent from 2007.