The U.S. Census Bureau of the Department of Commerce announced that construction spending during March 2013 was estimated at a seasonally adjusted annual rate of $856.7 billion, 1.7 percent (±1.5%) below the revised February estimate of $871.2 billion. The March figure is 4.8 percent (±1.6%) above the March 2012 estimate of $817.8 billion.

During the first 3 months of this year, construction spending amounted to $181.7 billion, 4.7 percent (±1.6%) above the $173.6 billion for the same period in 2012.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $598.4 billion, 0.6 percent (±1.2%)* below the revised February estimate of $602.0 billion. Residential construction was at a seasonally adjusted annual rate of $294.9 billion in March, 0.4 percent (±1.3%)* above the revised February estimate of $293.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $303.5 billion in March, 1.5 percent (±1.2%) below the revised February estimate of $308.2 billion.

Public Construction

In March, the estimated seasonally adjusted annual rate of public construction spending was $258.3 billion, 4.1 percent (±2.5%) below the revised February estimate of $269.2 billion. Educational construction was at a seasonally adjusted annual rate of $62.8 billion, 2.9 percent (±5.9%)* below the revised February estimate of $64.7 billion. Highway construction was at a seasonally adjusted annual rate of $73.8 billion, 5.2 percent (±6.3%)* below the revised February estimate of $77.8 billion.

Read the full March 2013 Construction Spending Report.