MW: Construction outlays rise 0.2% on public works
WASHINGTON (MarketWatch) - Public spending on construction projects soared a seasonally adjusted 2.3% in March to propel total construction outlays 0.2% higher to a seasonally adjusted annual rate of $847.3 billion, the Commerce Department estimated Monday. Meanwhile, spending on private building projects fell 0.9% to $550.8 billion, the lowest level in more than 11 years. Total construction outlays rose for the first time since October and are down 12.3% in the past year. The 0.2% gain in March was better than the 0.2% decline expected by economists surveyed by MarketWatch, but a sharp downward revision in February's estimated outlays meant that total spending was lower than expected.
