Real estate construction spending rises

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.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.