Residential construction spending decreased 0.4% from February to March to a seasonally adjusted annual rate of $923 million, according to the U.S. Census Bureau. Compared with March 2024, residential construction spending increased 2.8%.
Industry-wide construction spending fell 0.5% from February to March to a seasonally adjusted annual rate of $2.135 trillion.
Compared with March 2024, construction spending increased 2.8%.
“Given unprecedented economic uncertainty, spending is unlikely to rebound in the coming months,” Associated Builders and Contractors Chief Economist Anirban Basu said in a statement. “While a majority of contractors surveyed in March were still optimistic about their future sales, according to ABC’s Construction Confidence Index, sentiment is likely to falter as the effects of tariffs begin to raise input prices and stall or cancel projects.”
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