{"id":29698,"date":"2023-05-01T14:26:13","date_gmt":"2023-05-01T14:26:13","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/us-construction-spending-rebounds\/"},"modified":"2023-05-01T14:29:23","modified_gmt":"2023-05-01T14:29:23","slug":"us-construction-spending-rebounds","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/us-construction-spending-rebounds\/","title":{"rendered":"US construction spending rebounds in March on nonresidential structures"},"content":{"rendered":"<p>WASHINGTON (Reuters) &#8211;     U.S. construction spending increased more than expected in March, boosted by investment in nonresidential structures, but single-family homebuilding remained depressed amid higher mortgage rates.<\/p>\n<p>The Commerce Department said on Monday that construction spending rose 0.3% in March after declining 0.3% in February. <\/p>\n<p>Economists polled by Reuters had forecast construction spending gaining 0.1%. Construction spending increased 3.8% on a year-on-year basis in March. <\/p>\n<p>Spending on private construction projects rebounded 0.3% after dropping 0.7% in February. Outlays on private non-residential structures like gas and oil well drilling surged 1.0% in March. Non-residential spending is helping to keep business investment barely afloat.<\/p>\n<p>Investment in residential construction fell 0.2%, with spending on single-family housing projects dropping 0.8%. Outlays on multi-family housing projects climbed 0.4%, continuing to be supported by demand for rental housing.<\/p>\n<p>Though residential investment has contracted for eight straight quarters, the longest such streak since the collapse of the housing bubble triggered by the 2007-2009 Great Recession, the pace of decline is slowing. The decline in the first quarter was the smallest in a year. <\/p>\n<p>Spending on public construction projects rose 0.2% after jumping 1.1% in February. Investment in state and local government construction projects increased 0.3%, while federal government construction spending declined 0.7%.<\/p>\n<p \/>\n<p> (Reporting by Lucia Mutikani; Editing by Susan Fenton)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/us-construction-spending-rebounds\/file-photo-a-construction-worker-labors-inside-a-condominium-site\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ400N8-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ400N8-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WASHINGTON (Reuters) &#8211; U.S. construction spending increased more than expected in March, boosted by investment in nonresidential structures, but single-family homebuilding remained depressed amid higher mortgage rates. The Commerce Department said on Monday that construction spending rose 0.3% in March after declining 0.3% in February. Economists polled by Reuters had forecast construction spending gaining 0.1%. [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":29699,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-29698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ400N8-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/29698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=29698"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/29698\/revisions"}],"predecessor-version":[{"id":29700,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/29698\/revisions\/29700"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/29699"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=29698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=29698"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=29698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}