Total U.S. Construction Spending Slightly Higher in March

The U.S. Census Bureau has announced that total construction spending during March 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,513 billion, 0.2% above the revised February estimate of $1,509.9 billion. The March figure is 5.3% above the March 2020 estimate. During the first three months of 2021, construction spending amounted to $328.3 billion, 4.5% above the same period in 2020. Spending on private construction was at a seasonally adjusted annual rate of $1,169.2 billion, 0.7% above the revised February estimate of $1,160.9 billion. Residential construction was at a seasonally adjusted annual rate of $725.2 billion in March, 1.7% above the revised February estimate of $713.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $444.0 billion in March, -0.9 % below the revised February estimate of $447.8 billion. In March, the estimated seasonally adjusted annual rate of public construction spending was $343.9 billion, -1.5% below the revised February estimate. Educational construction was at a seasonally adjusted annual rate of $85.3 billion, -2.0% below the revised February estimate. Highway construction was at a seasonally adjusted annual rate of $98.8 billion, -2.2% below the revised February estimate.