Construction Spending Unexpectedly Gained 0.9% in March

Washington, D.C. (PPD) — Total construction spending was estimated at a seasonally adjusted annual rate of $1,360.5 billion in March, an unexpected gain of 0.9% (±0.8%). The U.S. Census Bureau revised the month of February higher from its initial estimate to $1,348.4 billion.

Forecasts ranged from a low of -5.8% to a high of -2.0%. The consensus forecast was -3.5%.

The March figure is 4.7% (±1.3%) higher than the March 2019 estimate of $1,299.1 billion. During the first three months of this year, construction spending totaled an estimated $297.0 billion, 6.7% (±1.2%) higher than the $278.5 billion for the same period in 2019.

Private Construction

Total private construction was estimated at a seasonally adjusted annual rate of $1,012.5 billion in March, a gain of 0.7% (±0.7%) from the upwardly revised February estimate of $1,005.8 billion.

Residential construction was estimated at a seasonally adjusted annual rate of $550.3 billion in March, or 2.3% (±1.3%) higher than the revised February estimate of $537.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $462.3 billion in March, down 1.3% (±0.7%) from the revised February estimate of $468.2 billion.

Public Construction

Total public construction was estimated at a seasonally adjusted annual rate of $348.0 billion. That’s 1.6% (±1.3%) higher than the revised February estimate of $342.6 billion.

Educational construction was at a seasonally adjusted annual rate of $80.9 billion. That’s down 0.3% (±1.5%) from the revised February estimate of $81.1 billion.

Highway construction came in at an estimated seasonally adjusted annual rate of $108.3 billion. That’s 4.6% (±4.8%) higher than the revised February estimate of $103.5 billion.