Construction Spending Rate Slipped 1.7% in March

Construction spending decreased 1.7% at a seasonally adjusted annual level (SAAL) of $1,284.7 billion, in March, according to the Census Bureau. February’s spending estimate was upwardly revised to $1,306.4 billion. March’s figure is 3.6% greater than the March 2017 estimate of $1,239.6 billion.

Total private construction was $987.5 billion SAAL, a 2.1% decrease from the revised February estimate of $1,009.1 billion. Total private construction is 3.9% higher than the March 2017 figure.

Private residential construction was $536.8 billion SAAL, 3.5% lower than February’s rate. March’s figure was 3.9% greater than its March 2017 estimate.

Private nonresidential construction was $450.7 billion, 0.4% below February’s estimate. March’s rate is 2.2% greater than the March 2017 figure.

Public construction was unchanged at $297.2 billion SAAL. March’s figure is 3.0% above the March 2017 estimate.

Read the Census release.

About Stephen Newton

Stephen Newton is an economic research associate at ABA.