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Construction Workers451816776 Getty Images 770
Construction Workers451816776 Getty Images 770
Construction Workers451816776 Getty Images 770
Construction Workers451816776 Getty Images 770
Construction Workers451816776 Getty Images 770

March Construction Spending Maintains Steady YTD Pace, Increasing +4.3%

May 4, 2023
Total 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. The U.S. Census Dept. said 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.

Private construction

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 and +1% above the March 2022 rate.

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% above the revised February estimate of $601.6 billion.

The Computer/electronic/electrical category continued its torrid pace, increasing +10.8% for the month to more than $70 billion. That’s up

an amazing+179.2% over March 2022.

Public construction

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 and +15% above the March 2022 rate. Educational construction was at a seasonally adjusted annual rate of $86.9 billion, +0.7% above the revised February estimate of $86.3 billion.