HUGE MISS: CONSTRUCTION SPENDING UNEXPECTEDLY FELL

Spending fell 1.7% month-over-month.

Economists were looking for 0.6% month-over-month gain.

It's worth noting February's growth rate was revised up to 1.5% from an earlier reading of 1.2%.

March was unseasonably cold, which may have hindered activity.

From the Census Bureau's release:

PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $598.4 billion, 0.6 percent (±1.2%)* below the revised February estimate of $602.0 billion. Residential construction was at a seasonally adjusted annual rate of $294.9 billion in March, 0.4 percent (±1.3%)* above the revised February estimate of $293.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $303.5 billion in March, 1.5 percent (±1.2%) below the revised February estimate of $308.2 billion.

PUBLIC CONSTRUCTION
In March, the estimated seasonally adjusted annual rate of public construction spending was $258.3 billion, 4.1 percent (±2.5%) below the revised February estimate of $269.2 billion. Educational construction was at a seasonally adjusted annual rate of $62.8 billion, 2.9 percent (±5.9%)* below the revised February estimate of $64.7 billion. Highway construction was at a seasonally adjusted annual rate of $73.8 billion, 5.2 percent (±6.3%)* below the revised February estimate of $77.8 billion.