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Electrical Price Index

Value of New Construction Dips 1.7% in March Due to 4.1% Drop in Public Construction

May 12, 2013

The Department of Commerce said construction spending during March 2013 was estimated at a seasonally adjusted annual rate of $856.7 billion, 1.7% below the revised February estimate of $871.2 billion. The March figure is 4.8% above the March 2012 estimate of $817.8 billion. During the first three months of this year, construction spending amounted to $181.7 billion, 4.7% above the $173.6 billion for the same period in 2012.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $598.4 billion, 0.6% below the revised February estimate of $602 billion. Residential construction was at a seasonally adjusted annual rate of $294.9 billion in March, 0.4% above the revised February estimate of $293.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $303.5 billion in March, 1.5% below the revised February estimate of $308.2 billion. Public construction. In March, the estimated seasonally adjusted annual rate of public construction spending was $258.3 billion, 4.1% below the revised February estimate of $269.2 billion, and 5.4% below the March 2012 spending data. Public office construction saw the biggest drop, declining 10.8% ($900 million) from $8.9 billion in February to $8 billion in March. Year-to-year, that’s a 29% decrease from March 2012. Educational construction also saw as sizeable drop. It was at a seasonally adjusted annual rate of $62.8 billion, 2.9% below the revised February estimate of $64.7 billion. Highway construction was at a seasonally adjusted annual rate of $73.8 billion, 5.2% below the revised February estimate of $77.8 billion.