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Construction Spending Rising Slower Than Expected

by devteam May 1st, 2014 | Share

Overall construction spending increased slightly in March</bthe Census Bureau said today.  Combinedrnpublic and private construction was at a seasonally adjusted annual rate ofrn$942.5 billion, 0.2 percent above thernrevised February estimate of $940.8rnbillion and 8.4 percentrnabove the Marchrn2013 estimate of $869.2rnbillion. rnEconomists surveyed by Reuters were expecting a gain of 0.5 percent.  Construction spending in the first quarter totaled $196.6 billionrnan 8.3 percent increase over the samernperiod in 2013 when spending was estimated at $181.6 billion.rn</p

All ofrnthe small improvement in spending was accounted for by the private sector wherernspending rose 0.5 percent from February to arnseasonally adjusted annual raternof $679.6rnbillion from $676.3 billion in February.  The March number was a 12.5 percent increasernfrom a year earlier when private sector spending was estimated at $604.02rnbillion. Year-to-date (first quarter) spending was also 12.5 percentrnhigher than in March 2013, $145.19 billion to $129.07 billion.</p

On a non-seasonally adjusted basis privaternresidential construction spending totaled $27.11 billion in March compared torn$23.31 billion in February and $23.40 billion in March 2013.  Single family construction accounted forrn$14.38 billion of the total and multi-family expenditures for $3.18 billion</p

Privaternresidential construction spending was at a seasonally adjusted annual raternof $369.8 billion in March,rn0.8 percent above thernrevised February estimate of $367.0 billion and was 16.0 percent higher than one yearrnago when residential spending was at a rate of 318.73 billion.  Year-to-date residential spending was up 16.7rnpercent from a year earlier to a non-seasonally adjusted $74.67 billionrncompared to $63.98 billion. </p

Single-family</bresidential construction was $185.66 billion, 13.2 percent higher than a yearrnearlier and 0.2 percent higher than in February. Construction in residentialrnbuildings of five or more units was at a seasonally adjusted annual rate ofrn$39.15 billion and was 4.4 percent higher than in February and 32.5 percentrnabove expenditures at the same time in 2013.</p

Public Sectorrnconstruction was at a seasonally adjusted annual rate of $262.92 billion, downrn0.6 percent from February and 0.8 percent from March 2013.  Residential construction totaled $4.7 billionrnand was down 6.6 percent month-over-month and 26.7 percent from one year ago.

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About the Author

devteam

Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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