US Construction Spending Declines in March

On Thursday, the US Census Bureau reported that total construction spending in March was estimated at a seasonally adjusted annual rate (SAAR) of $2,196.1 billion, down 0.5% from the revised February estimate of $2,206.9 billion. However, the March total was 2.8% higher than $2,135.8 billion a year ago.

For the first three months of 2025, construction spending totaled $485.7 billion, up 2.2% from $472.2 billion during the same period in 2024.

Private Construction

Spending on private construction in March was at a SAAR of $1,688.0 billion, down 0.6% from the revised February level of $1,697.7 billion. Residential construction fell 0.4% to $937.7 billion, compared with $941.7 billion in February. Nonresidential construction declined 0.8% to $750.3 billion.

Public Construction

Public construction spending in March was estimated at a SAAR of $508.1 billion, 0.2% lower than the revised February figure of $509.2 billion. Educational construction dipped 0.6% to $110.0 billion, while highway construction decreased 0.5% to $145.8 billion.