Industry News

Real estate construction spending rises

Annualized rate increases to $944 billion in March

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Construction spending on housing put in place during March 2004 was estimated at a seasonally adjusted annual rate of $944 billion, approximately 1.5 percent above the revised February estimate of $930 billion, according to the U.S. Commerce Department's Census Bureau. The March figure is approximately 8 percent above the March 2003 estimate of $875 billion. During the first three months of this year, construction spending amounted to $198 billion, approximately 7 percent above the $186 billion for the same period in 2003. Spending on private construction was at a rate of $722 billion, approximately 0.4 percent above the revised February estimate of $719 billion. Residential construction was at a seasonally adjusted annual rate of $507 billion in March, approximately 0.7 percent above the revised February estimate of $504 billion. *** Send tips, feedback or a letter to the editor to dave@inman.com or call (510) 658-9252, ext. 138. ...