US construction spending up in March less than expected

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FILE – In this Sept. 24, 2020, file photo, construction workers build already sold new KB Homes in Houston. The first numbers from the 2020 census show southern and western states gaining congressional seats. The once-a-decade head count shows where the population grew during the past 10 years and where it shrank. (AP Photo/David J. Phillip, File)

SILVER SPRING, Md. (AP) — 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%.

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