Construction Spending Down Slightly in March

Construction spending during March was estimated at a seasonally adjusted annual rate of $1,218.3 billion, a scant 0.2 percent below the revised record-setting February estimate of $1,220.7 billion, according to new data from the U.S. Census Bureau. However, the March figure is 3.6 percent above the March 2016 estimate of $1,176.4 billion.

 

Spending on private construction was at a seasonally adjusted annual rate of $940.2 billion, which was nearly identical to the revised February estimate of $940.1 billion. Residential construction was at a seasonally adjusted annual rate of $503.4 billion in March, 1.2 percent above the revised February estimate of $497.4 billion, while nonresidential construction was at a seasonally adjusted annual rate of $436.8 billion in March, which was 1.3 percent below the revised February estimate of $442.6 billion. The estimated seasonally adjusted annual rate of public construction in March was $278.1 billion, 0.9 percent below the revised February estimate of $280.7 billion.

 

During the first three months of this year, construction spending amounted to $259.5 billion, which was 4.9 percent above the $247.5 billion for the same period in 2016.  

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