U.S. Monthly Construction Spending Declines Month-Over-Month but Up Year-Over-Year in March

On Wednesday (5-1-24), The U.S. Census Bureau reported that total construction spending during March 2024 was estimated at a seasonally adjusted annual rate (SAAR) of $2,083.9 billion, 0.2% below the revised February estimate of $2,087.8 billion. The March 2024 figure is 9.6% above the March 2023 estimate of $1,901.4 billion.

The Census Bureau is reporting that during the first three months of 2024, construction spending amounted to $461.0 billion, 10.6% above the $416.7 billion for the same period in 2023.

Private Construction

In March 2024 private construction spending was at a SAAR of $1,600.8 billion, 0.5% below the revised February estimate of $1,608.5 billion. Residential construction was at a SAAR of $884.3 billion in March, 0.7% below the revised February estimate of $890.9 billion. Nonresidential construction was at a SAAR of $716.5 billion in March, 0.2% below the revised March estimate of $717.6 billion.

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, 1.0% above the revised February estimate of $101.7 billion. Highway construction was at a SAAR of $149.0 billion, 0.9% above the revised February estimate of $147.7 billion.