According to the U.S. Census Bureau of the Department of Commerce, total construction spending for March 2016 was estimated at a seasonally adjusted annual rate of $1,137.5 billion. This rate is an increase of 0.3 percent from the revised February estimate of $1,133.6 billion. Compared to a year ago, the March rate is up 8.0 percent from that of the March 2015 rate, which was estimated at $1,052.9 billion. So far this year, construction spending has totaled $240.4 billion, an increase of 9.1 percent compared to the $220.3 billion for the first three months of 2015.
Private construction spending was estimated at a seasonally adjusted annual rate of $842.3 billion, which is an increase of 1.1 percent from February’s revised estimate of $832.8 billion. Residential construction spending for March was at a seasonally adjusted annual rate of $435.5 billion, up 1.6 percent from the previous month’s revised estimate of $428.8 billion. Nonresidential construction spending for March was estimated at $406.8 billion, up 0.7 percent from February’s revised estimate of $404.0 billion.
Public construction spending was estimated at a seasonally adjusted annual rate of $295.2 billion, down 1.9 percent from February’s revised estimate of $300.8 billion. Educational construction spending for March was at an adjusted rate of $69.6 billion, up 0.4 percent from the revised February estimate of $69.4 billion. Highway construction spending was estimated at an adjusted rate of $97.3 billion for March, increasing by 0.4 percent from February’s revised estimate of $96.9 billion.
For more information, read the complete U.S. Census Bureau of the Department of Commerce Press Release by clicking here.
