Total Construction
Construction spending during March 2024 was estimated at a seasonally adjusted annual rate of $2,083.9 billion, 0.2 percent (±0.8 percent)* below the revised February estimate of $2,087.8 billion. The March figure is 9.6 percent (±1.3 percent) above the March 2023 estimate of $1,901.4 billion. During the first three months of this year, construction spending amounted to $461.0 billion, 10.6 percent (±1.3 percent) above the $416.7 billion for the same period in 2023.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,600.8 billion, 0.5 percent (±0.7 percent)* below the revised February estimate of $1,608.5 billion. Residential construction was at a seasonally adjusted annual rate of $884.3 billion in March, 0.7 percent (±1.3 percent)* below the revised February estimate of $890.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $716.5 billion in March, 0.2 percent (±0.7 percent)* below the revised February estimate of $717.6 billion.
Public Construction
In March, the estimated seasonally adjusted annual rate of public construction spending was $483.1 billion, 0.8 percent (±1.5 percent)* above the revised February estimate of $479.3 billion. Educational construction was at a seasonally adjusted annual rate of $102.7 billion, 1.0 percent (±2.0 percent)* above the revised February estimate of $101.7 billion. Highway construction was at a seasonally adjusted annual rate of $149.0 billion, 0.9 percent (±3.9 percent)* above the revised February estimate of $147.7 billion.
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