The U.S. Department of Commerce said construction spending during March 2016 was estimated at a seasonally adjusted annual rate of $1,137.5 billion, 0.3% above the revised February estimate of $1,133.6 billion. The March figure is 8% above the March 2015 estimate of $1,052.9 billion. During the first three months of this year, construction spending amounted to $240.4 billion, 9.1% above the $220.3 billion for the same period in 2015.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $842.3 billion, 1.1% above the revised February estimate of $832.8 billion. Residential construction was at a seasonally adjusted annual rate of $435.5 billion in March, 1.6% above the revised February estimate of $428.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $406.8 billion in March, 0.7% above the revised February estimate of $404 billion.
Several categories enjoyed notable growth in March. Multi-family construction increased 5.6% to $64.4 billion, a 34.6% year-over-year boost. Transportation-related construction also saw a large increase, soaring 11.3% for the month to $14.8 billion.
Public construction. In March, the estimated seasonally adjusted annual rate of public construction spending was $295.2 billion, 1.9% below the revised February estimate of $300.8 billion. Educational construction was at a seasonally adjusted annual rate of $69.6 billion, 0.4% above the revised February estimate of $69.4 billion. Construction of public power plants saw a big monthly drop from February, with a 14.1% decline to $8.6 billion.
