Construction spending during March was estimated at a seasonally adjusted annual rate of $1,513.1 billion, 5.3% above the March 2020 estimate of $1,436.7 billion, but 0.2% above the revised February estimate of $1,509.9 billion, according to the U.S. Census Bureau.
During the first three months of this year, construction spending amounted to $328.3 billion, 4.5% above the $314.1 billion for the same period in 2020.
Spending on private construction was at a seasonally adjusted annual rate of $1,169.2 billion, 0.7% which was above the revised February estimate of $1,160.9 billion. Residential construction was at a seasonally adjusted annual rate of $725.2 billion in March, 1.7% above the revised February estimate of $713.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $444.0 billion in March, 0.9% below the revised February estimate of $447.8 billion.
In March, the estimated seasonally adjusted annual rate of public construction spending was $343.9 billion, 1.5% below the revised February estimate of $349.0 billion. Educational construction was at a seasonally adjusted annual rate of $85.3 billion, 2.0% below the revised February estimate of $87.1 billion. Highway construction was at a seasonally adjusted annual rate of $98.8 billion, 2.2% below the revised February estimate of $101.1 billion.
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