U.S. construction spending doubled expectations, increasing 0.9 percent in March, according to statistics released by the U.S. Department of Commerce on May 1.
Total spending rose to a seasonally adjusted annual rate of $1.199 trillion in March from a revised $1.189 trillion in February.
During the first quarter of 2006, construction spending amounted to $253.5 billion, 9.2 percent above the $232.1 billion for the same period in 2005.
Spending on private construction was at a seasonally adjusted annual rate of $940.8 billion, 1.1 percent above the revised February estimate of $930.9 billion. Residential construction increased 1.6 percent to a rate of $672.9 billion while nonresidential construction spending fell 0.1 percent.
Public construction also showed growth in March, increasing 0.2 percent to a rate of $258.2 billion.
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