The Commerce Department announced on Friday that construction spending rose 0.9 percent m-o-m in March after a revised 2.5 percent m-o-m decline in February (originally a 1.3 percent m-o-m drop).

Economists had forecast construction spending decreasing 3.5 percent m-o-m in March.

According to the report, spending on private construction increased 0.7 percent m-o-m, while investment in public construction climbed 1.6 percent m-o-m.

On a y-o-y basis, construction spending jumped 4.7 percent in March.

For the first quarter of 2020, construction spending surged 6.7 percent y-o-y.