The U.S. Department of Commerce said construction spending during March 2011 was estimated at a seasonally adjusted annual rate of $768.9 billion, 1.4 percent above the revised February estimate of $758.6 billion. The March figure is 6.7 percent below the March 2010 estimate of $824 billion. During the first 3 months of this year, construction spending amounted to $161.2 billion, 7.8 percent below the $174.8 billion for the same period in 2010.

Spending on private construction was at a seasonally adjusted annual rate of $476.1 billion, 2.2 percent above the revised February estimate of $466 billion. Residential construction was at a seasonally adjusted annual rate of $229.1 billion in March, 2.6 percent above the revised February estimate of $223.2 billion. Private nonresidential construction was at a seasonally adjusted annual rate of $247 billion in March, 1.8 percent above the revised February estimate of $242.7 billion. A 2.4 percent increase in private residential construction to $237.8 billion was a major factor for the increase.

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