Construction spending increases in March

Construction spending was at a seasonally adjusted annual rate of $1,730.5 billion in March, 0.5% above the revised February estimate of $1,728.6 billion. The March figure is 11.7% above the March 2021 estimate of $1,548.6 billion.

Spending on private construction was at a seasonally adjusted annual rate of $1,379.7 billion, 0.2% above the revised February estimate of $1,376.9 billion. Private residential construction was at a seasonally adjusted annual rate of $882.0 billion in March, 1.0% above the revised February estimate of $873.2 billion. Private nonresidential construction was at a seasonally adjusted annual rate of $497.6 billion in March, 1.2% below the revised February estimate of $503.6 billion.

In March, the estimated seasonally adjusted annual rate of public construction spending was $350.8 billion, 0.2% below the revised February estimate of $351.7 billion.

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