Construction spending in March was estimated at a seasonally adjusted annual rate of $1,137.5 billion, 0.3 percent higher than the February estimate of $1,133.6 billion and an 8 percent increase above the March 2015 estimate of $1,052.9 billion, according to the U.S. Census Bureau.
First quarter construction spending was at a seasonally adjusted annual rate of $240.4 billion, 9.1 percent higher than the $220.3 billion reported for the same period in 2015.
Private construction spending was at a seasonally adjusted annual rate of $842.3 billion in March, 1.1 percent above the February estimate of $832.8 billion. Residential construction was at a seasonally adjusted annual rate of $435.5 billion in March, 1.6 percent higher than the February rate of $428.8 billion. Nonresidential construction was at a rate of $406.8 billion, 0.7 percent above the February rate of $404 billion.
