Construction Spending Fell in March

Construction spending declined 0.6 percent in March to a seasonally adjusted annual rate (SAAR) of $966.6 billion. February spending was revised up slightly from $967.2 billion to $972.9 billion. Although growth in construction spending declined from February, construction spending for the first quarter of 2015 was 3.2 percent greater than the first quarter of 2014.

Total private construction fell to $702.4 billion (SAAR), a 0.3 percent decrease from the revised February estimate. On the year, private construction increased 2.9 percent.

Private residential construction declined to $349.0 billion (SAAR), down 1.6 percent from February, as both construction of single and multifamily homes declined for the month. For the year, private residential construction declined by 2.6 percent

Non-residential construction increased by 1.0 percent, with communication infrastructure and lodging construction posting the most notable increases.

Public constriction continued to decline, falling 0.9 percent from February, but increased 16.5 percent from one year ago.