Construction Spending Rises Unexpectedly In March

By: Associated Press Email
By: Associated Press Email

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Monday, May 4, 2009

Construction spending rose unexpectedly in March after five straight declines, as strength in nonresidential projects and government building offset a further slide in housing.

The Commerce Department says construction spending increased 0.3% in March, the best showing since a similar rise last September. Economists surveyed by Thomson Reuters had expected spending to drop 1.5%.

The surprising rebound may be temporary, however, given all the problems facing the industry. The worst housing slump in decades and a severe financial crisis have made it hard for builders to obtain financing.


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