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

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.