Construction spending during March 2020 was estimated at a seasonally adjusted annual rate of $1,360.5 billion, 0.9% above the revised February estimate of $1,348.4 billion. The March figure is 4.7% above the March 2019 estimate of $1,299.1 billion. Economists were expecting a decline of 4% sequentially.
During the first three months of this year, construction spending amounted to $297.0 billion, 6.7% above the $278.5 billion for the same period in 2019.
Spending on private construction was at a seasonally adjusted annual rate of $1,012.5 billion, 0.7% above the revised February estimate of $1,005.8 billion. Residential construction was at a seasonally adjusted annual rate of $550.3 billion in March, 2.3% above the revised February estimate of $537.7 billion. Single family construction came in at a pace of $268.5 million, down 2.0% from February but 12.1% ahead of a year earlier.
Nonresidential construction was at a seasonally adjusted annual rate of $462.3 billion in March, 1.3% below the revised February estimate of $468.2 billion.
In March, the estimated seasonally adjusted annual rate of public construction spending was $348.0 billion, 1.6% above the revised February estimate of $342.6 billion. Educational construction was at a seasonally adjusted annual rate of $80.9 billion, 0.3% below the revised February estimate of $81.1 billion. Highway construction was at a seasonally adjusted annual rate of $108.3 billion, 4.6% above the revised February estimate of $103.5 billion.
