Construction Spending Declines 1.1 Percent in March

05/09/2008

Construction spending during March 2008 was estimated at a seasonally adjusted annual rate of $1,123.5 billion, 1.1 percent below the revised February estimate of $1,136.5 billion, according to the U.S. Census Bureau.

PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $827.4 billion, 1.7 percent below the revised February estimate of $842.0 billion.

Residential construction was at a seasonally adjusted annual rate of $445.0 billion in March, 4.6 percent below the revised February estimate of $466.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $382.3 billion in March, 1.9 percent above the revised February estimate of $375.3 billion.

PUBLIC CONSTRUCTION
In March, the estimated seasonally adjusted annual rate of public construction spending was $296.2 billion, 0.6 percent above the revised February estimate of $294.5 billion.

Educational construction was at a seasonally adjusted annual rate of $84.1 billion, 0.3 percent above the revised February estimate of $83.9 billion. Highway construction was at a seasonally adjusted annual rate of $79.7 billion, 0.8 percent above the revised February estimate of $79.0 billion.