US Construction Spending Rises 0.3% Month-over-Month in March

On Monday (5-1-23), the US Census Bureau reported that total construction spending during March was estimated at a seasonally adjusted annual rate (SAAR) of $1,834.7 billion, 0.3% above the revised February estimate of $1,829.6 billion. The March figure is 3.8% above the March 2022 estimate of $1,768.2 billion. During the first three months of 2023, construction spending amounted to $403.3 billion, 1.0% above the $386.7 for the same period in 2022.

Private construction spending was at a SAAR of $1,435.1 billion in March, 0.3% above the revised February estimate of $1,430.8 billion. Residential construction was at a SAAR of $827.7 billion, 0.2% below the revised February estimate of $829.1 billion. Nonresidential construction was at a SAAR of $607.4 billion, 1.0% above the revised February estimate of $601.4 billion.

The estimated seasonally adjusted annual rate of public construction spending was $399.6 billion in March, 0.2% above the revised February estimate of $398.8 billion. Educational construction was at a seasonally adjusted annual rate of $86.9 billion, 0.7% above the revised February estimate of $86.3 billion. Highway construction was at a SAAR of $121.7 billion, 0.1% below the revised February estimate of $121.8 billion.