The US Census Bureau of the Department of Commerce announced Thursday that construction spending during March 2014 was estimated at a seasonally adjusted annual rate of $942.5 billion, 0.2 percent (±1.3 percent) above the revised February estimate of $940.8 billion. The March figure is 8.4 percent (±1.8 percent) above the March 2013 estimate of $869.2 billion.
Spending on private construction was at a seasonally adjusted annual rate of $679.6 billion, 0.5 percent (±1.0 percent) above the revised February estimate of $676.3 billion. Residential construction was at a seasonally adjusted annual rate of $369.8 billion in March, 0.8 percent (±1.3 percent) above the revised February estimate of $367.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $309.8 billion in March, 0.2 percent (±1.0 percent) above the revised February estimate of $309.3 billion.
In March, the estimated seasonally adjusted annual rate of public construction spending was $262.9 billion, 0.6 percent (±2.1 percent) below the revised February estimate of $264.5 billion. Educational construction was at a seasonally adjusted annual rate of $58.4 billion, 2.3 percent (±3.5 percent) below the revised February estimate of $59.8 billion. Highway construction was at a seasonally adjusted annual rate of $84.0 billion, 0.5 percent (±6.7 percent) above the revised February estimate of $83.6 billion.