U.S. Dept. of Commerce Reports Increase in March Construction Spending
The annual rate of construction spending reached $1.36 billion in March, seasonally adjusted, according to a report released by the U.S. Dept. of Commerce on May 1. The March figure was 0.9% above the revised February number, $1.35 billion, and 4.7% above March 2019's figure of $1.29 billion, seasonally adjusted.
In the private sector, spending was at a seasonally adjusted rate of $1.01 billion, with residential spending accounting for $550.3 billion, and non-residential work reaching $462.3 billion. The overall number was 0.7% higher than February's number, with residential increasing 2.3%, while non-residential declined 1.3%.
On the public side, the seasonally adjusted rate of spending was $348 billion, 1.6% above February's rate. Both education and highway construction experienced increases, at 0.3% and 4.6%, respectively.