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Construction spending rises 0.2% in March

Posted By Wayne Grayson On May 2, 2014 @ 1:14 pm In Aggbeat Online,News | No Comments

shutterstock_120717325 [1]

U.S. construction spending was up slightly in March due mainly to increases in private residential construction, now at its highest rate in nearly six years.

Total spending rose in March to a seasonally adjusted annual rate of $942.5 billion, up 0.2 percent from the revised February figure [2] of $940.7 billion. Due to the revision of that figure, what was a 0.1-percent increase in February is now a 0.2-percent decrease from January.

Spending in March is up 8.4 percent from March 2013.

After a down month in February, private residential construction spending was up 0.8 percent in March to $370 billion. That’s the strongest pace seen since May 2008.

Apartment construction had the largest spending increase at 4.4 percent to $39.1 billion while single-family home construction was up 0.2 percent to $185.6 billion.

Private nonresidential spending was up 0.2 percent to a rate of $310 billion, led by a 5.3-percent increase in transportation to $13.3 billion, a 1.3-percent increase in educational to $16 billion and an 0.8-percent increase in hotel construction to $16.2 billion.

Government construction spending fell 0.6 percent in March to $263 billion. Government residential projects were down 6.6 percent to $4.7 billion while nonresidential was down 0.5 percent to $258.2 billion.

Overall residential construction spending fell 0.7 percent in March to $374.5 billion. That figure is up 15.2 percent from the previous year.

Overall nonresidential spending rose 0.1 percent to $568.4 billion, up 4.4 percent year-over-year.

Editor’s note: Wayne Grayson is online editor for sister site Equipment World [3].

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URL to article: http://www.aggman.com/construction-spending-rises-0-2-in-march/

URLs in this post:

[1] Image: http://blogsdir.cms.rrcdn.com/3/files/2014/05/shutterstock_120717325.jpg

[2] February figure: http://www.aggman.com/construction-spending-rises-0-1-in-february-homebuilding-falls-0-8/

[3] Equipment World: http://www.equipmentworld.com

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