U.S. Annual Construction Spend Rate at $808 Billion in March

According to the Department of Commerce, U.S. construction spending during March 2012 was estimated at a seasonally adjusted annual rate of $808.1 billion, 0.1 percent (±1.4%) above the revised February estimate of $807.3 billion. The March figure is 6.0 percent (±1.9%) above the March 2011 estimate of $762.6 billion.

During the first 3 months of this year, construction spending amounted to $171.2 billion, 6.7 percent (±1.6%) above the $160.4 billion for the same period in 2011.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $531.9 billion, 0.7 percent (±1.3%) above the revised February estimate of $528.1 billion. Residential construction was at a seasonally adjusted annual rate of $244.1 billion in March, 0.7 percent (±1.3%) above the revised February estimate of $242.5 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $287.8 billion in March, 0.7 percent (±1.3%) above the revised February estimate of $285.7 billion.

Public Construction

In March, the estimated seasonally adjusted annual rate of public construction spending was $276.2 billion, 1.1 percent (±2.2%) below the revised February estimate of $279.1 billion. Educational construction was at a seasonally adjusted annual rate of $69.1 billion, 1.2 percent (±3.5%) below the revised February estimate of $70.0 billion. Highway construction was at a seasonally adjusted annual rate of $77.0 billion, 0.8 percent (±7.7%) below the revised February estimate of $77.6 billion.