Construction Shows Slight Increase in March But is Still Down 12.3 Percent YTY

The Department of Commerce said construction spending during March was estimated at a seasonally adjusted annual rate of $847.3 billion, 0.2 percent above the revised February estimate of $845.5 billion. The March figure is 12.3 percent below the March 2009 estimate of $966.7 billion. During the first three months of this year, construction spending amounted to $179.9 billion, 14 percent below the $209.2 billion for the same period in 2009.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $550.8 billion, 0.9 percent below the revised February estimate of $555.7 billion. Residential construction was at a seasonally adjusted annual rate of $251.8 billion in March, 1.1 percent below the revised February estimate of $254.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $299 billion in March, 0.7 percent below the revised February estimate of $301.1 billion.

Public construction. In March, the estimated seasonally adjusted annual rate of public construction spending was $296.5 billion, 2.3 percent above the revised February estimate of $289.9 billion. Educational construction was at a seasonally adjusted annual rate of $75.9 billion, 2.2 percent below the revised February estimate of $77.6 billion.