According to the U.S. Census Bureau of the Department of Commerce, total construction spending for March 2014 was estimated at a seasonally adjusted annual rate of $942.5 billion. This rate is an increase of 0.2 percent from the revised February estimate of $940.8 billion. Compared to a year ago, the March rate is up 8.4 percent from that of the March 2013 rate, which was estimated at $869.2 billion. So far this year, construction spending has totaled $196.6 billion, an increase of 8.3 percent compared to the $181.6 billion for the first three months of 2013.
Private construction spending was estimated at a seasonally adjusted annual rate of $679.6 billion, which is an increase of 0.5 percent from February’s revised estimate of $676.3 billion. Residential construction spending for March was at a seasonally adjusted annual rate of $369.8 billion, up 0.8 percent from the previous month’s revised estimate of $367.0 billion. Nonresidential construction spending for March was estimated at $309.8 billion, up 0.2 percent from February’s revised estimate of $309.3 billion.
Public construction spending was estimated at a seasonally adjusted annual rate of $262.9 billion, down 0.6 percent from February’s revised estimate of $264.5 billion. Educational construction spending for March was at an adjusted rate of $58.4 billion, down 2.3 percent from the revised February estimate of $59.8 billion. Highway construction spending was estimated at an adjusted rate of $84.0 billion for March, increasing by 0.5 percent over February’s revised estimate of $83.6 billion.
For more information, read the complete U.S. Census Bureau of the Department of Commerce Press Release by clicking here.
