Industry News

Residential construction spending rate drops

March spending rate down for 12th straight month

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The rate of residential construction spending dropped about 14.2 percent in March compared to the same month last year, while the rate for all construction spending fell about 2 percent, the U.S. Census Bureau reported today. The seasonally adjusted annual rate of construction spending reached $1.19 trillion in March, according to the report. This rate is a projection of a monthly total over a 12-month period, adjusted for seasonal fluctuations in construction activity. For the first three months of the year, total construction spending was $250.3 billion, which is about 2.4 percent below spending during the same period last year. Spending on private construction was at a seasonally adjusted annual rate of $900.3 billion in March, down 5.1 percent compared to March 2006. The rate for private residential construction spending was $568.8 million, down 14.4 percent compared to March 2006. The private nonresidential spending rate in March 2007 was $331.5 million, up 16.5 percent compared t...