US construction spending rises 0.3pc
WASHINGTON: US construction spending advanced in March to its highest level in more than eight years. Gains in home building and non-residential construction offset a drop in government projects. The Commerce Department says construction spending rose 0.3 per cent in March after a one per cent gain in February. The back-to-back increases raised total spending to a seasonally adjusted annual rate of $1.14 trillion, the highest level since October 2007. Home construction increased 1.6 per cent, while non-residential construction increased 0.7 per cent. Spending on government projects dropped 1.9 per cent, with both state and local and federal spending falling.