U.S. construction spending falls in March – high mortgage rates and tariffs on imported goods are constraining homebuilding.
Private residential output down -0.4% m-o-m (2.8% y-o-y); Building permits up 0.5% m-o-m (-1.2% y-o-y).
Private non-residential output down -0.8% m-o-m (1.6% y-o-y). Architecture Billings Index (ABI) down to 44.1 in March from 45.5 in February (< 50, contraction).