Gains in residential construction spending during March were offset by an identical loss in nonresidential as total construction spending in the U.S. fell 0.2 percent.
Total spending fell to $1.2 trillion, but remains 3.6 percent above the March 2016 figure, according to preliminary data from the Commerce Department.
Private residential spending rose 1.2 percent during March to $503 billion and is 7.5 percent above its year-ago figure. The gains primarily came from an 0.3 percent increase in single-family home spending to $258 billion. Those gains were nearly matched however by multifamily spending which rose 2 percent to $66 billion.
Hitachi is purchasing Sullair from Accudyne to pick up the company’s portable air compressor business and as a means of tapping into the brand’s sales network with a primary focus on the North American market. The announced purchase price is $1.245 billion.
“We are thrilled by the prospect of partnering with Hitachi to grow Sullair as we embark together on the next chapter in our proud history,” says Sullair President Jack Carlson.
