March Construction Spending Grows

U.S. construction spending in March was estimated at a seasonally adjusted annual rate of $1.83 trillion, up 0.3% from February and 3.8% higher than March 2022. Total construction spending for the first quarter increased 4.3% to $4.03 trillion compared to the same period in 2022.

Private construction spending was $1.44 trillion, climbing 0.3% from February. Residential totals for March were $827.7 billion, 0.2% lower than the previous month, while non-residential totals rose 1% from February to $607.4 billion. See U.S. Census Bureau

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