A 1.1% rise to $842.3 billion in private construction spending this March helped total construction spending grow by an anemic 0.3% over February’s figure to a seasonally adjusted annual rate of $1.14 trillion.
Still, total construction spending in March was 8% higher than it was a year prior, while overall construction spending during the first three months of the year was 9.1% higher than the same period in 2015, the latest data from the U.S. Department of Commerce show.
In the private sector, residential construction spending led the way, posting a 1.6% increase to $435.5 billion, as nonresidential spending rose 0.7% to $406.8 billion, Commerce said.
Spending on public construction projects dipped 1.9% in March to $295.2 billion as spending on office, public safety, amusement and recreation, transportation, power, sewage and waste disposal, and water supply all dropped. Construction spending on commercial, health care, educational and conservation, and development projects increased slightly.
- Nicholas Stern, NACM editorial associate