The US Census Bureau of the Department of Commerce announced today that construction spending during March 2016 was estimated at a seasonally adjusted annual rate of $1,137.5 billion, 0.3 percent (±1.0%) above the revised February estimate of $1,133.6 billion. The March figure is 8.0 percent (±1.6%) above the March 2015 estimate of $1,052.9 billion.
During the first 3 months of this year, construction spending amounted to $240.4 billion, 9.1 percent (±1.5%) above the $220.3 billion for the same period in 2015.
Spending on private construction was at a seasonally adjusted annual rate of $842.3 billion, 1.1 percent (±0.8%) above the revised February estimate of $832.8 billion. Residential construction was at a seasonally adjusted annual rate of $435.5 billion in March, 1.6 percent (±1.3%) above the revised February estimate of $428.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $406.8 billion in March, 0.7 percent (±0.8%) above the revised February estimate of $404.0 billion.
In March, the estimated seasonally adjusted annual rate of public construction spending was $295.2 billion, 1.9 percent (±2.0%) below the revised February estimate of $300.8 billion. Educational construction was at a seasonally adjusted annual rate of $69.6 billion, 0.4 percent (±2.8%) above the revised February estimate of $69.4 billion. Highway construction was at a seasonally adjusted annual rate of $97.3 billion, 0.4 percent (±6.6%) above the revised February estimate of $96.9 billion.
In March, the estimated seasonally adjusted annual rate of public construction spending was $295.2 billion, 1.9 percent (±2.0%) below the revised February estimate of $300.8 billion. Educational construction was at a seasonally adjusted annual rate of $69.6 billion, 0.4 percent (±2.8%) above the revised February estimate of $69.4 billion. Highway construction was at a seasonally adjusted annual rate of $97.3 billion, 0.4 percent (±6.6%) above the revised February estimate of $96.9 billion.