U.S. Construction Spending Dips Month over Month in March
Annual rate exceeds same period in 2012 by 4.7 percent.
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during March 2013 was estimated at a seasonally adjusted annual rate of $856.7 billion, 1.7 percent (±1.5%) below the revised February estimate of $871.2 billion.
The March figure is 4.8 percent (±1.6%) above the March 2012 estimate of $817.8 billion.
During the first 3 months of this year, construction spending amounted to $181.7 billion, 4.7 percent (±1.6%) above the $173.6 billion for the same period in 2012.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $598.4 billion, 0.6 percent (±1.2%)* below the revised February estimate of $602.0 billion.
Residential construction was at a seasonally adjusted annual rate of $294.9 billion in March, 0.4 percent (±1.3%)* above the revised February estimate of $293.8 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $303.5 billion in March, 1.5 percent (±1.2%) below the revised February estimate of $308.2 billion.
PUBLIC CONSTRUCTION
In March, the estimated seasonally adjusted annual rate of public construction spending was $258.3 billion, 4.1 percent (±2.5%) below the revised February estimate of $269.2 billion.
Educational construction was at a seasonally adjusted annual rate of $62.8 billion, 2.9 percent (±5.9%)* below the revised February estimate of $64.7 billion.
Highway construction was at a seasonally adjusted annual rate of $73.8 billion, 5.2 percent (±6.3%)* below the revised February estimate of $77.8 billion.
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