Industry News

Real estate construction spending grows in March

Total U.S. construction spending on pace to reach $1.2 trillion in '06

Spending on private residential construction increased 1.6 percent from February to March and was 8.6 percent higher than in March 2005, the U.S. Census Bureau announced today. Meanwhile, total construction spending reached a seasonally adjusted annual rate of about $1.2 trillion in March, up 0.9 percent from February and 8.4 percent from March 2005. The seasonally adjusted annual rate is a projection of a monthly total over a 12-month period, adjusted for seasonal fluctuations in construction activity. During the first 3 months of this year, construction spending amounted to about $253.5 billion, or 9.2 percent above first-quarter 2005. Spending on private construction was at a seasonally adjusted annual rate of about $940.8 billion, which is 1.1 percent above the revised February estimate. Residential construction was at a seasonally adjusted annual rate of about $672.9 billion in March. Nonresidential construction spending was at a seasonally adjusted annual rate of about $267.9 b...