The U.S. construction industry saw an increase in spending for the first time in four months — the biggest improvement since April 2010.
In March, construction spending grew 1.4 percent to $768.9 billion.
With an increase in home remodeling activity outpacing declines in apartments and single-family homes, residential construction expenditures rose 2.6 percent. Outlays for nonresidential projects, meanwhile, climbed 1.6 percent due to robust spending for hotel, office, and industrial construction.
Source: “U.S. Construction Spending Up,” Investor’s Business Daily (05/03/11)
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