March’s Construction Data Edge Down -0.2% to $2,083.9 Billion But Remains Up +9.6% YOY

Total construction spending during March 2024 was estimated at a seasonally adjusted annual rate of $2,083.9 billion, -0.2% below the revised February estimate of $2,087.8 billion. According to the Department of Census the March figure is +9.6% above the March 2023 estimate of $1,901.4 billion. During the first three months of this year, construction spending amounted to $461 billion, +10.6% above the $416.7 billion for the same period in 2023.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $1,600.8 billion, -0.5% below the revised February estimate of $1,608.5 billion. Residential construction was at a seasonally adjusted annual rate of $884.3 billion in March, -0.7% below the revised February estimate of $890.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $716.5 billion in March, -0.2%  below the revised February estimate of $717.6 billion.
Construction of private plastic/rubber plants increased+6.2% in March to $3,358 million and is up an impressive +84.9% YOY.
Public construction. In March, the estimated seasonally adjusted annual rate of public construction spending was $483.1 billion, +0.8% above the revised February estimate of $479.3 billion. Educational construction was at a seasonally adjusted annual rate of $102.7 billion, +1% above the revised February estimate of $101.7 billion. Highway construction was at a seasonally adjusted annual rate of $149 billion, +0.9% above the revised February estimate of $147.7 billion.