Overall construction spending increased slightly in March
the Census Bureau said today. Combined
public and private construction was at a seasonally adjusted annual rate of
$942.5 billion, 0.2 percent above the
revised February estimate of $940.8
billion and 8.4 percent
above the March
2013 estimate of $869.2
Economists surveyed by Reuters were expecting a gain of 0.5 percent. Construction spending in the first quarter totaled $196.6 billion
an 8.3 percent increase over the same
period in 2013 when spending was estimated at $181.6 billion.
the small improvement in spending was accounted for by the private sector where
spending rose 0.5 percent from February to a
seasonally adjusted annual rate
billion from $676.3 billion in February. The March number was a 12.5 percent increase
from a year earlier when private sector spending was estimated at $604.02
billion. Year-to-date (first quarter) spending was also 12.5 percent
higher than in March 2013, $145.19 billion to $129.07 billion.
On a non-seasonally adjusted basis private
residential construction spending totaled $27.11 billion in March compared to
$23.31 billion in February and $23.40 billion in March 2013. Single family construction accounted for
$14.38 billion of the total and multi-family expenditures for $3.18 billion
residential construction spending was at a seasonally adjusted annual rate
of $369.8 billion in March,
0.8 percent above the
revised February estimate of $367.0 billion and was 16.0 percent higher than one year
ago when residential spending was at a rate of 318.73 billion. Year-to-date residential spending was up 16.7
percent from a year earlier to a non-seasonally adjusted $74.67 billion
compared to $63.98 billion.
residential construction was $185.66 billion, 13.2 percent higher than a year
earlier and 0.2 percent higher than in February. Construction in residential
buildings of five or more units was at a seasonally adjusted annual rate of
$39.15 billion and was 4.4 percent higher than in February and 32.5 percent
above expenditures at the same time in 2013.
construction was at a seasonally adjusted annual rate of $262.92 billion, down
0.6 percent from February and 0.8 percent from March 2013. Residential construction totaled $4.7 billion
and was down 6.6 percent month-over-month and 26.7 percent from one year ago.