U.S. Construction Now at $847.3 Billion Annual Rate

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Today the U.S. Census Bureau of the Department of Commerce announced that construction spending during March 2010 was estimated at a seasonally adjusted annual rate of $847.3 billion, 0.2 percent (±1.3%) above the revised February estimate of $845.5 billion. The March figure is 12.3 percent (±1.4%) below the March 2009 estimate of $966.7 billion. During the first 3 months of this year, construction spending amounted to $179.9 billion, 14.0 percent (±1.3%) below the $209.2 billion for the same period in 2009.

PRIVATE CONSTRUCTION

Spending on private construction was at a seasonally adjusted annual rate of $550.8 billion, 0.9 percent (±1.4%) below the revised February estimate of $555.7 billion. Residential construction was at a seasonally adjusted annual rate of $251.8 billion in March, 1.1 percent (±1.3%) below the revised February estimate of $254.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $299.0 billion in March, 0.7 percent (±1.4%) below the revised February estimate of $301.1 billion.

PUBLIC CONSTRUCTION

In March, the estimated seasonally adjusted annual rate of public construction spending was $296.5 billion, 2.3 percent (±1.9%) above the revised February estimate of $289.9 billion. Educational construction was at a seasonally adjusted annual rate of $75.9 billion, 2.2 percent (±3.0%) below the revised February estimate of $77.6 billion. Highway construction was at a seasonally adjusted annual rate of $78.1 billion, 1.5 percent (±7.4%) above the revised February estimate of $77.0 billion.

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