Nonresidential Spending loses steam after strong start to year

Nonresidential construction spending fell 1.2 percent in March, according to analysis of U.S. Census Bureau data recently released by Associated Builders and Contractors (ABC).  Spending in the segment totaled $708.6 billion on a seasonally adjusted, annualized basis, however the decline is less dramatic than it may be perceived to be given that February’s initial estimate of $701.6 billion was upwardly revised to $717 billion, making it the highest level or spending recorded in the data series.