On Monday, the US Census Bureau of the Department of Commerce announced that construction spending during March rose 1.4 percent (±1.6 percent) over February to $768.9 billion. Still, March 2011 spending is 6.7 percent (±1.8 percent) below the March 2010 estimate of $824 billion. Additionally, over Q1 2011, construction spending amounted to $161.2 billion, 7.8 percent (±1.4 percent) below the $174.8 billion for the same period in 2010.
As for private construction, total spending on private construction was at a seasonally adjusted annual rate of $476.1 billion, 2.2 percent (±1.4 percent) above February spending of $466 billion. Both residential and non-residential construction spending registered a month-over-month increase, rising 2.6 percent (±1.3 percent) and 1.8 percent (±1.4 percent), respectively.
Public construction spending rose as well in March, but at a lower rate than spending on private construction. The seasonally adjusted annual rate of public construction spending was $292.8 billion, 0.1 percent (±2.2 percent) above the February estimate of $292.6 billion.