Construction spending in March was at a seasonally adjusted annual rate of $1,218.3 billion, a 0.2 percent decrease compared with February’s rate of $1,220.7 billion but 3.6 percent higher than the March 2016 rate of $1,176.4 billion, according to the U.S. Census Bureau.
Construction spending in March was at a seasonally adjusted annual rate of $1,218.3 billion, a 0.2 percent decrease compared with February’s rate of $1,220.7 billion but 3.6 percent higher than the March 2016 rate of $1,176.4 billion, according to the U.S. Census Bureau.
Despite the slight dip, construction spending remains high on the year.
"Construction spending totals during the past two months are at the highest levels we have ever seen," said Stephen Sandherr, CEO of The Associated General Contractors of America, in a statement. "If the winter weather hadn't been so mild in much of the country, we would have seen less growth in February and a higher rate of growth in March, but overall demand remains quite robust."
Private construction in March was at a seasonally adjusted annual rate of $940.2 billion, nearly the same as the February rate of $940.1 billion. Residential construction was at a rate of $503.4 billion, 1.2 percent higher than the February rate of $497.4 billion. Nonresidential construction was at a rate of $436.8 billion, a 1.3 percent decrease compared with February’s rate of $442.6 billion.