Mumbai, May 2 -- Construction spending in the U.S. unexpectedly decreased in the month of March, the Commerce Department revealed in a report released on Thursday.
The Commerce Department said construction spending fell by 0.5 percent to an annual rate of $2.196 trillion in March after climbing by 0.6 percent to a revised rate of $2.207 trillion in February.
The unexpected pullback by construction spending partly reflected a decline in spending on private construction, which slid by 0.6 percent to an annual rate of $1.688 trillion.
Spending on residential construction fell by 0.4 percent to an annual rate of $937.7 billion, while spending on non-residential construction slumped by 0.8 percent to an annual rate of $750.3 billion.
The rep...