U.S. construction spending rose to an 8-1/2-year high in March, while the manufacturing sector expanded in April but at a slower pace than the previous month, data showed Monday.
Builders spend more in March
Construction spending increased 0.3 percent to the highest level since October 2007, following an upwardly revised 1.0 percent jump in February, the Commerce Department said on Monday. The prior month’s outlays were revised higher, pointing to sustained strength in the sector despite a sharp downturn in spending by energy firms
Economists polled by Reuters had forecast construction spending rising 0.5 percent in March after a previously reported 0.5 percent decline in February.
Construction outlays were up 8.0 percent from a year ago. Though February’s outlays were revised higher, construction spending for January was revised down to show a 0.3 percent drop instead of the previously reported 2.1 percent increase.