Construction spending rose slightly 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.

Resident🔜ial Spending Concerns Persist, But Multifamily Spending Up

Private and public residential construction spending decreꦇased by 0.2%, down 9.8% year-over-year. 

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官方开奖结果体彩网:supply costs and uncertainty about inflation, new single-family construction remained slumped in March. 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, f🧜urther cementing the demand for rental housing. 

Private Lodging, Education Spending Jumps

Among private construction projects, nonresidential spending increased overal♉l 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 jumped 1.5%. 

Commercial construction als🍃o 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%.