Construction spending rose in March

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Construction spending rose in March

Story Published: May 4, 2009 at 9:13 AM EST

Story Updated: May 4, 2009 at 9:13 AM EST

WASHINGTON (AP) - Construction spending rose unexpectedly in
March after five straight declines, as strength in nonresidential projects and government building offset a further slide in housing.

The Commerce Department says construction spending increased 0.3
percent in March, the best showing since a similar rise last September. Economists surveyed by Thomson Reuters had expected spending to drop 1.5 percent.

The surprising rebound may be temporary, however, given all the
problems facing the industry. The worst housing slump in decades and a severe financial crisis have made it hard for builders to obtain financing.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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