Construction Spending Rose 3.6% YOY in March

Washington, DC, May 1, 2018-Construction spending during March 2018 was estimated at a seasonally adjusted annual rate of $1,284.7 billion, 1.7% below the revised February estimate of $1,306.4 billion, according to the U.S. Census Bureau.

The March figure is 3.6% above the March 2017 estimate of $1,239.6 billion.

During the first three months of this year, construction spending amounted to $279.0 billion, 5.5% above the $264.5 billion for the same period in 2017.

Spending on private construction was at a seasonally adjusted annual rate of $987.5 billion, 2.1% below the revised February estimate of $1,009.1 billion. Residential construction was at a seasonally adjusted annual rate of $536.8 billion in March, 3.5% below the revised February estimate of $556.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $450.7 billion in March, 0.4% below the revised February estimate of $452.5 billion.

In March, the estimated seasonally adjusted annual rate of public construction spending was $297.2 billion, nearly the same as the revised February estimate of $297.3 billion. Educational construction was at a seasonally adjusted annual rate of $73.1 billion, 0.1% below the revised February estimate of $73.2 billion. Highway construction was at a seasonally adjusted annual rate of $91.0 billion, 1.2% above the revised February estimate of $89.9 billion.