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May 6, 2008

1Q Construction Spending 2.4% Below Last Year

Construction spending during March 2008 was estimated at a seasonally adjusted annual rate of $1,123.5 billion, 1.1% below the revised February estimate. The March figure is 3.4% below March 2007.
 
During the first three months of the year, construction spending was $241.6 billion, 2.4% below the the same period in 2007.
 
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $827.4 billion, 1.7% (±1.4%) below the revised February estimate of $842.0 billion. Residential construction was at a seasonally adjusted annual rate of $445.0 billion in March, 4.6% below the revised February estimate of $466.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $382.3 billion in March, 1.9% above the revised February estimate of $375.3 billion.
 
Public Construction
In March, the estimated seasonally adjusted annual rate of public construction spending was $296.2 billion, 0.6% above the revised February estimate of $294.5 billion. Educational construction was at a seasonally adjusted annual rate of $84.1 billion, 0.3% above the revised February estimate of $83.9 billion. Highway construction was at a seasonally adjusted annual rate of $79.7 billion, 0.8% above the revised February estimate.

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