Construction spending during March 2023 was estimated at a seasonally adjusted annual rate of $1,834.7 billion, 0.3% above the revised February estimate of $1,829.6 billion. The March figure is 3.8% above the March 2022 estimate of $1,768.2 billion. During the first three months of this year, construction spending amounted to $403.3 billion, 4.3% above the $386.7 billion for the same period in 2022.
Spending on private construction was at a seasonally adjusted annual rate of $1,435.1 billion, 0.3% above the revised February estimate of $1,430.8 billion. Residential construction was at a seasonally adjusted annual rate of $827.7 billion in March, 0.2% below the revised February estimate of $829.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $607.4 billion in March, 1.0% above the revised February estimate of $601.6 billion.
In March, the estimated seasonally adjusted annual rate of public construction spending was $399.6 billion, 0.2% above the revised February estimate of $398.8 billion.
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