Construction Spending Inched Up 0.3% in March

Washington, DC, May 1, 2023-Construction spending during March 2023 was estimated at a seasonally adjusted annual rate of $1,834.7 billion, 0.3% above the revised February estimate of $1,829.6 billion, according to the U.S. Census Bureau.

The March figure is 3.8% above the March 2022 estimate of $1,768.2 billion. During the first three months of this year, construction spending amounted to $403.3 billion, 4.3% above the $386.7 billion for the same period in 2022.

Spending on private construction was at a seasonally adjusted annual rate of $1,435.1 billion, 0.3% above the revised February estimate of $1,430.8 billion. Residential construction was at a seasonally adjusted annual rate of $827.7 billion in March, 0.2% below the revised February estimate of $829.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $607.4 billion in March, 1.0% above the revised February estimate of $601.6 billion.

In March, the estimated seasonally adjusted annual rate of public construction spending was $399.6 billion, 0.2% above the revised February estimate of $398.8 billion. Educational construction was at a seasonally adjusted annual rate of $86.9 billion, 0.7% above the revised February estimate of $86.3 billion. Highway construction was at a seasonally adjusted annual rate of $121.7 billion, 0.1% below the revised February estimate of $121.8 billion.