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By: Kendall Jones on May 1st, 2019

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U.S. Construction Spending Fell 0.9% in March

Industry News | Blog Posts

Construction spending fell 0.9% in March to a seasonally adjusted annual rate of $1,282.2 billion. February’s estimate was revised down from $1,320.3 billion to $1,293.3 billion. January’s estimate was revised back down from $1,307.3 billion to $1,284.7 billion.

The March estimate for total construction spending is 0.8% lower than a year ago when the March 2018 estimate was $1,293.1 billion. Total construction put in place (CPIP) for the first three months of 2019 totaled $277.7 billion. This is a 0.2% decrease from the $278.3 billion spent during January through March of 2018.

In March, total nonresidential construction spending was down 0.3% to a seasonally adjusted annual rate of $775.2 billion. February’s estimate was revised up from $773.8 billion to $777.2 billion. January’s estimate was revised up again from $764.7 billion to $766.6 billion. Total nonresidential construction is up 4.8% from a year ago.

Total residential construction was estimated at a seasonally adjusted annual rate of $507.0 billion in March. This is 1.8% below February’s estimate which has been revised down from $546.5 billion to $516.1 billion. January’s estimate was revised back down from $542.6 billion to %518.0 billion. Total residential construction spending has decreased by 8.4% from a year ago.

Total private construction spending decreased to a seasonally adjusted annual rate of $961.5 billion in March. This is 0.7% below February’s estimate which was revised down from $994.5 billion $968.6 billion. January’s estimate has been revised back down from $993.0 billion to $970.1 billion. Total private construction spending is down 1.9% from the February 2018 estimate.

During March, private nonresidential construction was at a seasonally annual adjusted rate of $460.6 billion. This is 0.5% above February’s estimate which was revised up from $453.6 billion to $458.5 billion. January’s estimate was revised up again from $456.0 billion to $458.0 billion. Private nonresidential construction spending has increased by 2.1% over the same period in 2018.

Private residential construction spending was at a seasonally adjusted annual rate of $500.9 billion. This is 1.8% below February’s estimate which was revised down from $540.9 billion to $510.1 billion. January’s estimate which was revised back down from $536.9 billion to $512.1 billion. March’s annual rate for private residential construction is 3.4% below the February 2018 estimate of $560.2 billion.

The seasonally adjusted annual rate for public construction spending in March was estimated at $320.7 billion. This is 1.3% below February’s estimate which was revised down from $325.8 billion to $324.7 billion. January’s estimate which was revised up again from $314.4 billion to $314.6 billion. March’s seasonally adjusted annual rate for public construction spending was up 9.0% from a year ago when the March 2018 estimate was $295.2 billion.