Steel Products
May 1, 2018
Construction Spending Drops in March as Tariffs Impact Demand
Written by Sandy Williams
Construction spending dropped from the previous month to a seasonally adjusted annual rate of $1.285 trillion in March, but was still up compared to a year ago, according to an analysis of new Census data by the Associated General Contractors of America. AGC officials blamed the decline on drops in private sector construction as new steel and aluminum tariffs, and resulting price increases, impact demand.
Monthly construction spending declines were noted in health care, commercial, manufacturing and lodging construction. The private sector funding declines were too large to offset the modest increase in public sector funding, particularly for highway and street construction, between February and March, said AGC .
