March Construction Spending Rose 0.1% from Feb., 11.7% YOY

March Construction Spending Rose 0.1% from Feb., 11.7% YOY

May 02, 2022 from Floor Focus FloorDaily News

Washington, DC, May 2, 2022 – Construction spending during March 2022 was estimated at a seasonally adjusted annual rate of $1,730.5 billion, 0.1% above the revised February estimate of $1,728.6 billion, according to the U.S. Census Bureau, and 11.7% above the March 2021 estimate of $1,548.6 billion.

During the first three months of this year, construction spending amounted to $376.6 billion, 12.0% above the $336.3 billion for the same period in 2021.

Spending on private construction was at a seasonally adjusted annual rate of $1,379.7 billion, 0.2% above the revised February estimate of $1,376.9 billion. Residential construction was at a seasonally adjusted annual rate of $882.0 billion in March, 1.0% above the revised February estimate of $873.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $497.6 billion in March, 1.2% below the revised February estimate of $503.6 billion.

In March, the estimated seasonally adjusted annual rate of public construction spending was $350.8 billion, 0.2% below the revised February estimate of $351.7 billion. Educational construction was at a seasonally adjusted annual rate of $80.3 billion, 0.8% below the revised February estimate of $81.0 billion. Highway construction was at a seasonally adjusted annual rate of $103.1 billion, 0.4% below the revised February estimate of $103.5 billion.

Related Topics: U.S. Census Bureau