The US Census Bureau of the Department of Commerce announced Friday that construction spending during March 2015 was estimated at a seasonally adjusted annual rate of $966.6 billion, 0.6 percent (±1.3 percent) below the revised February estimate of $972.9 billion. The March figure is 2.0 percent (±1.6 percent) above the March 2014 estimate of $947.3 billion. During the first 3 months of this year, construction spending amounted to $206.7 billion, 3.2 percent (±1.5 percent) above the $200.4 billion for the same period in 2014.
Spending on private construction was at a seasonally adjusted annual rate of $702.4 billion, 0.3 percent (±1.0 percent) below the revised February estimate of $704.7 billion. Residential construction was at a seasonally adjusted annual rate of $349.0 billion in March, 1.6 percent (±1.3 percent) below the revised February estimate of $354.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $353.4 billion in March, 1.0 percent (±1.0 percent) above the revised February estimate of $350.1 billion.
In March, the estimated seasonally adjusted annual rate of public construction spending was $264.2 billion, 1.5 percent (±2.3 percent) below the revised February estimate of $268.2 billion. Educational construction was at a seasonally adjusted annual rate of $58.4 billion, 2.2 percent (±3.9 percent) below the revised February estimate of $59.7 billion. Highway construction was at a seasonally adjusted annual rate of $78.0 billion, 2.4 percent (±6.3 percent) below the revised February estimate of $79.9 billion.