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Construction Spending Down in March


The U.S. Census Bureau of the Department of Commerce announced that construction spending during March 2013 was estimated at a seasonally adjusted annual rate of $856.7 billion, 1.7 percent below the revised February estimate of $871.2 billion. The March figure is 4.8 percent above the March 2012 estimate of $817.8 billion.

In March, the estimated seasonally adjusted annual rate of public construction spending was $258.3 billion, 4.1 percent below the revised February estimate of $269.2 billion. Educational construction was at a seasonally adjusted annual rate of $62.8 billion, 2.9 percent below the revised February estimate of $64.7 billion.

Highway construction was at a seasonally adjusted annual rate of $73.8 billion, 5.2 percent below the revised February estimate of $77.8 billion.

During the first three months of this year, construction spending amounted to $181.7 billion, 4.7 percent above the $173.6 billion for the same period in 2012.

Spending on private construction was at a seasonally adjusted annual rate of $598.4 billion, 0.6 percent below the revised February estimate of $602.0 billion. Residential construction was at a seasonally adjusted annual rate of $294.9 billion in March, 0.4 percent above the revised February estimate of $293.8 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $303.5 billion in March, 1.5 percent below the revised February estimate of $308.2 billion.