U.S. Construction inches up in March
Annual rate of $768.9 billion is 1.4 percent above Feb. 2011 but 6.7 percent below the March 2010 rate.
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during March 2011 was estimated at a seasonally adjusted annual rate of $768.9 billion, 1.4 percent (±1.6%)* above the revised February estimate of $758.6 billion. The March figure is 6.7 percent (±1.8%) below the March 2010 estimate of $824.0 billion.
During the first 3 months of this year, construction spending amounted to $161.2 billion, 7.8 percent (±1.4%) below the $174.8 billion for the same period in 2010.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $476.1 billion, 2.2 percent (±1.4%) above the revised February estimate of $466.0 billion.
Residential construction was at a seasonally adjusted annual rate of $229.1 billion in March, 2.6 percent (±1.3%) above the revised February estimate of $223.2 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $247.0 billion in March, 1.8 percent (±1.4%) above the revised February estimate of $242.7 billion.
PUBLIC CONSTRUCTION
In March, the estimated seasonally adjusted annual rate of public construction spending was $292.8 billion, 0.1 percent (±2.2%)* above the revised February estimate of $292.6 billion.
Educational construction was at a seasonally adjusted annual rate of $68.5 billion, 0.5 percent (±4.2%)* above the revised February estimate of $68.1 billion.
Highway construction was at a seasonally adjusted annual rate of $82.9 billion, 0.6 percent (±7.8%)* above the revised February estimate of $82.4 billion.
