A new report by Wells Fargo Securities notes construction spending nationally fell 1.7 percent in March.
Why is this?
The housing recovery remains on track across the country, with single-family home construction increasing nearly 38 percent year-over-year. Construction of apartment buildings, while easing slightly, is still strong, too. That figure has surged almost 53 percent nationally, when compared with 2012 levels.
But amid off of this construction activity, public works projects have lagged, according to Wells Fargo.
Public nonresidential spending declined 4.5 percent in March. The report notes "the sequester appears to have made an immediate impact on public works projects, with spending for highway and street projects falling 5.2 percent and spending for sewage and waste disposal tumpling 8.9 percent."
Janet Moore covers commercial real estate for the Star Tribune.
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