Construction spending during March was estimated at a seasonally adjusted annual rate of $808.1 billion, 0.1% above the revised February estimate of $807.3 billion, according to new data from the U.S. Census Bureau. The March figure is 6% above the March 2011 estimate of $762.6 billion. During the first three months of this year, construction spending amounted to $171.2 billion, 6.7% above the $160.4 billion for the same period in 2011.
Spending on private construction was at a seasonally adjusted annual rate of $531.9 billion, 0.7% 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% 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% above the revised
February estimate of $285.7 billion.
In March, the estimated seasonally adjusted annual rate of public construction spending was $276.2 billion, 1.1% below the revised February estimate of $279.1 billion. Educational construction was at a seasonally adjusted annual rate of $69.1 billion, 1.2% below the revised February estimate of $70 billion.
