Residential construction was at a seasonally adjusted annual rate of $244.1 billion in March, 0.7 percent above the revised downwardly revised February estimate of $242.5 billion, according to figures released on Tuesday by the U.S. Department of Commerce.
Overall spending on private construction-including both residential and non-residential building-was at a seasonally adjusted annual rate of $531.9 billion, 0.7 percent above the revised February estimate of $528.1 billion. Meanwhile, spending on both public and private construction was estimated at a seasonally adjusted annual rate of $808.1 billion, 0.1 percent above the revised February estimate of $807.3 billion and 6.0 percent above the March 2011 estimate of $762.6 billion.
Bloomberg noted that cash-strapped state and local governments will continue to rein in construction spending, preventing a broad-based economic recovery. Meanwhile, low rental vacancies will probably continue to increase demand for apartment building.
