U.S. Construction Slows in March but Paces 6 Percent Ahead of 2011.
Private construction growth is flat from February, but public construction dips 1 percent.
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during March 2012 was estimated at a seasonally adjusted annual rate of $808.1 billion, 0.1 percent (±1.4%)* above the revised Februaryestimate of $807.3 billion. The March figure is 6.0 percent (±1.9%) above the March 2011 estimate of $762.6 billion.
During the first 3 months of this year, construction spending amounted to $171.2 billion, 6.7 percent (±1.6%) above the $160.4 billion for the same period in 2011.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $531.9 billion, 0.7 percent (±1.3%)* above the revised February estimate of $528.1 billion.
Residential construction was at a seasonally adjusted annual rate of $244.1 billion in March, 0.7 percent (±1.3%)* above the revised February estimate of $242.5 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $287.8 billion in March, 0.7 percent (±1.3%)* above the revised February estimate of $285.7 billion.
PUBLIC CONSTRUCTION
In March, the estimated seasonally adjusted annual rate of public construction spending was $276.2 billion, 1.1 percent (±2.2%)* below the revised February estimate of $279.1 billion. Educational construction was at a seasonally adjusted annual rate of $69.1 billion, 1.2 percent (±3.5%)* below the revised February estimate of $70.0 billion. Highway construction was at a seasonally adjusted annual rate of $77.0 billion, 0.8 percent (±7.7%)* below the revised February estimate of $77.6 billion.
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