Construction Spending Flat in March

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May 1, 2007

Construction Spending Flat in March

Construction spending during March 2007 was estimated at a seasonally adjusted annual rate of $1,187.8 billion, 0.2 percent (±1.3%)* above the revised February estimate of $1,185.0 billion, according to the Department of Commerce.

The March figure is 2.0 percent (±2.1%)* below the March 2006 estimate of $1,212.4 billion. During the first 3 months of this year, construction spending amounted to $250.3 billion, 2.4 percent (±1.9%) below the $256.5 billion for the same period in 2006.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $900.3 billion, 0.2 percent (±1.4%)* above the revised February estimate of $898.6 billion. Residential construction was at a seasonally adjusted annual rate of $568.8 billion in March, 1.0 percent (±1.3%)* below the revised February estimate of $574.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $331.5 billion in March, 2.4 percent (±1.4%) above the revised February estimate of $323.9 billion.

Public Construction

In March, the estimated seasonally adjusted annual rate of public construction spending was $287.5 billion, 0.4 percent (±1.9%)* above the revised February estimate of $286.4 billion. Educational construction was at a seasonally adjusted annual rate of $75.2 billion, 2.1 percent (±3.2%)* above the revised February estimate of $73.7 billion. Highway construction was at a seasonally adjusted annual rate of $79.9 billion, 0.9 percent (±5.6%)* above the revised February estimate of $79.2 billion.

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