Value of New Construction Shows Little Change in March But Increases +3.6% YOY

Construction spending during March 2017 was estimated at a seasonally adjusted annual rate of $1,218.3 billion, 0.2% below the revised February estimate of $1,220.7 billion. The March figure is 3.6% above the March 2016 estimate of $1,176.4 billion. During the first three months of this year, construction spending amounted to $259.5 billion, 4.9% above the $247.5 billion for the same period in 2016.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $940.2 billion, nearly the same as the revised February estimate of $940.1 billion. Residential construction was at a seasonally adjusted annual rate of $503.4 billion in March, 1.2% above the revised February estimate of $497.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $436.8 billion in March, 1.3% below the revised February estimate of $442.6 billion. March’s data was 7% above the 2016 figure of $940.2 billion

Public construction. In March, the estimated seasonally adjusted annual rate of public construction spending was $278.1 billion, 0.9% below the revised February estimate of $280.7 billion. March is tracking at -6.5% YOY below the March 2016 figure of $278.1 billion

Educational construction was at a seasonally adjusted annual rate of $70.2 billion, 2%.below the revised February estimate of $71.6 billion. Highway construction was at a seasonally adjusted annual rate of $91.5 billion, 0.5% above the revised February estimate of $91.1 billion.