Cons💫truction spending rose sligh🧔tly in March, bolstered by nonresidential private construction while new single-family residential construction remains in a slump. 

Overall, construction spending rose 0.3% in March after dropping by the same amount in February, according to data from the U.S. Census Bureau.

Residential Spending Concerns Persist, But Multifami🍌ly Spending Up

Private and public residential construction spending decreas💝ed by 0.2%, down 9.8% year-over-y๊ear. 

Private residential construction saw a slight 0.3% increase over March after dropping 0.6% in February, while nonresidential private construction picked up by 1.0%.

Amid concerns over high mortgage rates, 澳洲幸运5开奖号码历史查询:supply costs and uncertainty about inflation, new single-family construction remained slumped in M🧔arch. New single-family construction fell 0.8% in March and was down 22.9% year-over-year.

New multifamily construction saw a slight increase in the wake🧸 of the nation’s uncertain housing market, increasing 0.4% in March, up 23% year-over-year, further cementing the demand for rental housing. 

Private Lodging, Education Spending Jumps

Among private construction projects, nonresidential spending increased overall by 1.0% and is up 21.3% year-over-year. Lodging and office construction both saw 0.3% increases in spending, while health care spending rose 0.6% and educational construction spending jump🍰ed 1.5%. 

Commercial construct🌌ion also dipped 0.8% in March, but is up 20.1% year-over-year. 

Public Construction Rose Moderately

Overall public construction spending increased 0.2% in March, up 15% from March 2022. Office construction spending decreased 1.4% in March, while health care construction spending dropped 2.3%.