Construction Spending Rises Slightly in March

Construction spending rose 0.2% at a seasonally adjusted annual rate (SAAR) of $1,513.1 billion in March, according to the Census Bureau. March’s figure is 5.3% above the March 2020 estimate of $1,436.7 billion.

Spending on private construction was at a seasonally adjusted annual rate of $ $1,169.2 billion, 0.7% below the revised February estimate of $1,160.9 billion. Private residential construction was at a seasonally adjusted annual rate of $725.2 billion in March, 1.7% above the revised February estimate of $713.1 billion. Private nonresidential construction was at a seasonally adjusted annual rate of $444.0 billion in March, 0.9% below the revised February estimate of $447.8 billion.

In March, the estimated seasonally adjusted annual rate of public construction spending was $343.9 billion, 1.5% below the revised February estimate of $349.0 billion.

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