Despite stock market doldrums and several high-profile layoff notices, U.S. companies, individuals and governments continue to spend on construction projects.
Figures compiled for March2001 show $854.4 billion in spending on construction projects committed in that month, up from both the previous month and from year-ago levels.
The construction segment has held up well in late 2000 and early 2001 compared to the other major segments of the economy, including both manufacturing and technology.
Economists point to low interest rates as a boost to both the housing and commercial construction sectors. The March 2001 figures reveal a 3.4% increase in commercial projects undertaken by private companies over the previous month.
New residential project spending was up just 0.3% meanwhile, while home renovation spending increased by 3.4%.
The government sector upped its spending by 1.3% for schools, hospitals and highway projects.