US construction spending rises 0.3% in March

US construction spending rose 0.3% to $1,834.7 billion in March, according to the Commerce Department.

Construction spending, one of the major indicators of well-being in the construction sector, came higher than the market estimates of a 0.1% gain.

The figure for February was revised to $1,829.6, down 0.3% from the previous month, showed the data released on Monday.

Annually, March’s reading was 3.8% above the figure from the same month last year, when it stood at $1,768.2 billion, the Commerce Department said.

Spending on private construction in March stood at $1,435.1 billion – 0.3% above the revised February figure.