By Xavier Fontdegloria
Construction spending in the U.S. cooled in March as an increase in outlays on residential projects was dragged by a decline in nonresidential investment.
Construction spending increased 0.1% in March compared with the previous month, easing from a 0.5% rise in February, data from the Commerce Department showed Monday.
The reading misses a 0.8% increase expected from economists in a poll by The Wall Street Journal.
Outlays on residential construction increased 1% on month, with spending on new, single family homes advancing 1.3%, and investment in multi-family housing projects falling 0.5%. Spending on nonresidential construction decreased 0.8% on month, the data showed.
Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com
(END) Dow Jones Newswires
May 02, 2022 10:48 ET (14:48 GMT)
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Read More: U.S. Construction Spending Slowed in March, Missing Expectations