According to data released Tuesday by the US Census Bureau of the Department of Commerce, construction spending during March 2012 was at an annual rate of $808.1 billion, 0.1 percent above the February level, but a 6 percent increase from spending during March 2011. During the first three months of this year, construction spending amounted to $171.2 billion, 6.7 percent 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 percent 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 percent 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 percent above the revised February estimate of $285.7 billion.
Public construction spending struggled in March, and the estimated seasonally adjusted annual rate of public construction spending was $276.2 billion, 1.1 percent below the revised February estimate of $279.1 billion.