Construction spending in the U.S. seems to be a bit of a roller coaster as of late. After rising in February, spending dropped to $856.7 billion. This is 1.7% below the revised February estimate of $871.2 billion, according to the U.S. Census Bureau.
However, March’s spending is 4.8% above the year-ago estimate of $817.8 billion.
Spending on private construction was 0.6% below the revised February estimate of $602.0 billion, dropping to $598.4 billion in March.
Residential construction spending was at a seasonally adjusted rate of $294.4 billion in March, up 0.4% from February’s estimate of $293.8 billion.
During the first three months of 2013, construction spending totaled $181.7 billion, 4.7% above the $173.6 billion for the same period in 2012.
"Overall, construction appears to be slowing except for the housing sector," analysts at Econoday said.