Construction barely edges up in March overall

The U.S. Census Bureau of the Department of Commerce announced today that construction spending during March 2012 was estimated at a seasonally adjusted annual rate of $808.1 billion, 0.1% above the revised February estimate of $807.3 billion. The March figure is 6.0% above the March 2011 estimate of $762.6 billion.

During the first three months of this year, construction spending amounted to $171.2 billion, 6.7% above the $160.4 billion for the same period in 2011.

Spending on private construction was at a seasonally adjusted annual rate of $531.9 billion, 0.7% above the revised February estimate of $528.1 billion. Residential construction was at a seasonally adjusted annual rate of $244.1 billion in March, 0.7% above the revised February estimate of $242.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $287.8 billion in March, 0.7% above the revised February estimate of $285.7 billion.

In March, the estimated seasonally adjusted annual rate of public construction spending was $276.2 billion, 1.1% below the revised February estimate of $279.1 billion. Educational construction was at a seasonally adjusted annual rate of $69.1 billion, 1.2% below the revised February estimate of $70.0 billion.

Highway construction was at a seasonally adjusted annual rate of $77.0 billion, 0.8% below the revised February estimate of $77.6 billion.