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By: Kendall Jones on May 1st, 2017

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March's Construction Spending Fell 0.2% After Record High in February

Industry News | Blog Posts

The seasonally adjusted annual rate of construction spending for March 2017 was estimated at $1,218.3 billion, per the latest report from the U.S. Census Bureau.

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This is 0.2% below February’s estimate which was revised up from $1,192.8 billion to a record high of $1,220.7 billion. January’s estimate was also revised up again from $1,183.8 billion to $1,198.8 billion. March’s estimate is 3.6% higher than a year ago with construction spending at $1,176.4 billion in March 2016.

Total construction spending for the first three months of 2017 totaled $259.5 billion. This is 4.9% above the $247.5 billion spent during the first quarter of 2016.

Private construction spending for March was at a seasonally adjusted annual rate of $940.2 billion, remaining virtually unchanged from February’s estimate which was revised up from $917.3 billion to $940.1 billion. January’s private construction spending estimate was revised up from $910.0 billion to $924.4 billion

Private residential construction spending for March 2017 was estimated at $503.4 billion, up 1.2% from February. Private nonresidential construction spending was at a seasonally adjusted annual rate of $436.8 billion, a 1.3% drop from the revised estimate from the previous month. Total private construction is up 7.0% from a year ago.

The four largest sectors of private nonresidential construction spending in March were Power at $93.4 billion, Commercial at $77.6 billion, Manufacturing at $68.9 billion and Office at $65.6 billion.

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Public construction spending was at a seasonally adjusted annual rate of $278.1 billion in March. This is 0.9% below February’s estimate which was revised up from $275.5 billion to $280.7 billion.

January’s estimate for public construction spending was revised up from $273.9 billion to $274.4 billion. Public construction spending is down 6.5% from a year ago. Highway and Street construction spending was up 0.5% in March to $91.5 billion and Educational was down 2.0% from February ant an estimated $70.2 billion. These were the two largest sectors for public construction spending.