U.S. construction spending inches up in March
Residential construction leads the industry again, with a 1.7 percent increase month-over-month.
The U.S. Census Bureau announced the following value put in place construction statistics for March 2021:
Total Construction
Construction spending during March 2021 was estimated at a seasonally adjusted annual rate of $1,513.1 billion, 0.2 percent (±0.8 percent)* above the revised February estimate of $1,509.9 billion.
The March figure is 5.3 percent (±1.0 percent) above the March 2020 estimate of $1,436.7 billion. During the first three months of this year, construction spending amounted to $328.3 billion, 4.5 percent (±1.0 percent) above the $314.1 billion for the same period in 2020.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,169.2 billion, 0.7 percent (±0.7 percent)* above the revised February estimate of $1,160.9 billion.
Residential construction was at a seasonally adjusted annual rate of $725.2 billion in March, 1.7 percent (±1.3 percent) above the revised February estimate of $713.1 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $444.0 billion in March, 0.9 percent (±0.7 percent) below the revised February estimate of $447.8 billion.
Public Construction
In March, the estimated seasonally adjusted annual rate of public construction spending was $343.9 billion, 1.5 percent (±1.3 percent) below the revised February estimate of $349.0 billion.
Educational construction was at a seasonally adjusted annual rate of $85.3 billion, 2.0 percent (±2.5 percent)* below the revised February estimate of $87.1 billion.
Highway construction was at a seasonally adjusted annual rate of $98.8 billion, 2.2 percent (±4.4 percent)* below the revised February estimate of $101.1 billion.
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