WASHINGTON ― The U.S. Commerce Department reported that construction spending in March declined by 0.9%, the first drop in four months, reaching a seasonally adjusted annual rate of $1.28 trillion. The decline followed increases of 0.7% in both January and February. Residential construction fell 1.8% to $500.9 billion, the lowest level since December 2016. It is expected to stabilize now that the Federal Reserve has moved away from previous plans to raise interest rates later in the year.
U.S. construction spending slides in March
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