Total U.S. construction spending in March was estimated at a seasonally-adjusted annual rate of $2.083.9 trillion, 0.2% below the February estimate (revised up from -0.3% to flat), and up 9.6% year-over-year. That is according to U.S. Census Bureau data released May 1.
The monthly change fell well short of expectations, as economists polled by Reuters forecasted a gain of 0.3%.
Totaling $461 billion, construction spending through the first three months of the year was up 10.6% over the same period in 2023.
Private Construction
March spending on private construction was at a seasonally-adjusted annual rate of $1.600.8 trillion — 0.5% below the revised February estimate. Residential construction was at a rate of $884.3 billion, 0.7% below the revised February figure, while nonres construction’s rate of $716.5 billion was down 0.2% month-to-month.
Public Construction
March spending on public construction was at a seasonally-adjusted annual rate of $483.1 billion — up 0.8% from February’s revised figure. Educational construction was at a rate of $102.7 billion — up 1.0% from February, while highway construction’s rate of $149.0 billion was up 0.9%.
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