Construction Spending Softened in March

Total construction spending fell in March from Februaryrnlevels and remained only slightly higher than one year earlier the CensusrnBureau said today.  Overall spending wasrndown 0.6 percent on a month-over-month basis to a seasonally adjusted annualrnrate of $966.6 billion from $972.9 billion. rnThe March rate was 2.0 percent higher than the revised $947.3 billionrnrate in March 2014.</p

On an unadjusted basis total spending in March was estimatedrnat $72.7 billion compared to $66.51 billion in February.  Year-to-date expenses through the end of Marchrnwere $206.71 billion an increase of 32 percent from the 200.37 billion spent duringrnthe same period in 2014. </p

Total construction spending in the private sector was at arnseasonally adjusted annual rate of $702.39 billion, down 0.3 percent fromrnFebruary’s $704.67 billion but 2.9 percent above the rate of $682.33 billion inrnMarch 2014.  On an unadjusted basisrnprivate construction put in place in March was estimated to have a value of $54.61rnbillion.  Year-to-date expenditures totalrn$154.77 billion, an increase of 3.7 percent from the first three months of 2014.</p

Private sector residential spending was at a seasonallyrnadjusted annual rate of $348.95 billion, down for both the month and year byrn1.6 percent and 2.6 percent respectively. rnSingle-family construction totaled $200.76 billion on an annual basis, downrn1.8 percent from February but 7.8 percent higher than in March 2014.  Spending on multi-family units was estimatedrnat $40.19 billion, a 2.1 percent monthly decline from but up 23.4 percentrncompared to March 2014.  </p

On a non-adjusted basis total residential spending was $26.82rnbillion, up from $23.40 billion in February and year-to-date spending increasedrnby 0.9 percent.  Year-to-date spendingrnfor single family construction was 10.2 percent higher than last year andrnmulti-family spending increased by 27.1 percent.</p

Total public construction was estimated at $264.17 billion,rndown 1.5 percent on a monthly basis and 0.3 percent year-over-year.  Residential spending in the sector was at arnrate of $5.79 billion, a 0.9 percent decrease from February but 16.5 percentrnhigher than in March 2014.

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