US construction spending edges up 0.9 percent in March

US construction spending edges up 0.9 percent in March

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The US Census Bureau announced today that US construction spending during March 2020 was estimated at a seasonally adjusted annual rate of $1,360.5 billion, 0.9 percent (±0.8 percent) above the revised February estimate of $1,348.4 billion. The March figure is 4.7 percent (±1.3 percent) above the March 2019 estimate of $1,299.1 billion. During the first three months of this year, construction spending amounted to $297.0 billion, 6.7 percent (±1.2 percent) above the $278.5 billion for the same period in 2019.

Spending on private construction was at a seasonally adjusted annual rate of $1,012.5 billion, 0.7 percent (±0.7 percent) above the revised February estimate of $1,005.8 billion. Residential construction was at a seasonally adjusted annual rate of $550.3 billion in March, 2.3 percent (±1.3 percent) above the revised February estimate of $537.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $462.3 billion in March, 1.3 percent (±0.7 percent) below the revised February estimate of $468.2 billion.

In March, the estimated seasonally adjusted annual rate of public construction spending was $348.0 billion, 1.6 percent (±1.3 percent) above the revised February estimate of $342.6 billion. Educational construction was at a seasonally adjusted annual rate of $80.9 billion, 0.3 percent (±1.5 percent) below the revised February estimate of $81.1 billion. Highway construction was at a seasonally adjusted annual rate of $108.3 billion, 4.6 percent (±4.8 percent) above the revised February estimate of $103.5 billion.

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