Construction spending falls 0.6% in March with lone gains in nonresidential

With decreases across all sectors save for private nonresidential, U.S. construction spending fell 0.6 percent in March to a seasonally adjusted annual rate of $966.5 billion, according to preliminary estimates from the Commerce Department.

Spending remained 2 percent above the March 2014 level.

Total residential spending fell 1.6 percent to a rate of $354.7 billion and is now 2.3 percent below the March 2014 level.

The private homebuilding sector also fell 1.6 percent to $349 billion and is down 2.6 percent for the year. Private spending on single family homes fell 1.8 percent to $200.7 billion while spending on apartments fell 2.1 percent to $49.1 billion.

Spending for single-family and apartments is up 7.9 percent and 23.4 percent year-over-year, respectively.

Public homebuilding was down 0.9 percent for the month to $5.7 billion.

Total nonresidential spending was flat for the month and at $611 billion remains 4.7 percent above the March 2014 level.