U.S. Construction Spending Upticks 1.4% in March, Annual Rate at $769 Billion

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According to the U.S. Census Bureau of the Department of Commerce, U.S. construction spending during March 2011 was estimated at a seasonally adjusted annual rate of $768.9 billion, 1.4 percent (±1.6%) above the revised February estimate of $758.6 billion. The March figure is 6.7 percent (±1.8%) below the March 2010 estimate of $824.0 billion.

During the first 3 months of this year, construction spending amounted to $161.2 billion, 7.8 percent (±1.4%) below the $174.8 billion for the same period in 2010.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $476.1 billion, 2.2 percent (±1.4%) above the revised February estimate of $466.0 billion. Residential construction was at a seasonally adjusted annual rate of $229.1 billion in March, 2.6 percent (±1.3%) above the revised February estimate of $223.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $247.0 billion in March, 1.8 percent (±1.4%) above the revised February estimate of $242.7 billion.

Public Construction

In March, the estimated seasonally adjusted annual rate of public construction spending was $292.8 billion, 0.1 percent (±2.2%) above the revised February estimate of $292.6 billion. Educational construction was at a seasonally adjusted annual rate of $68.5 billion, 0.5 percent (±4.2%) above the revised February estimate of $68.1 billion. Highway construction was at a seasonally adjusted annual rate of $82.9 billion, 0.6 percent (±7.8%) above the revised February estimate of $82.4 billion.

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