March construction spending data ($1,137.5 billion, seasonally adjusted) shows and 8% increase from March 2015, as reported by the US Census Bureau of the Department of Commerce. March’s construction spending was also up 0.3% from February 2016. Construction spending for the first quarter of 2016 totaled $240.4 billion (seasonally adjusted) which was 9.1% above first quarter construction spending in 2015.
When taking a deeper look into spending per market sector, private sector spending continues to rise. March 2016 private spending had a seasonally adjusted annual rate of $842.3 billion which was up 1.1% from February’s estimate and up 8.5% from March 2015. Residential construction was higher than nonresidential construction, but both numbers were up from last month and from 2015.
March construction spending data in the Public sector spending saw a 1.9% decline from February’s construction spending but is up 6.7% from March 2015. There were significant year over year spending increases in public sector new multi-family spending, as well as in amusement and recreation and nonresidential lodging. Each category was up by nearly 30% with new multi-family residential spending up 34.6%.
Construction spending data is gathered by The Value of Construction Put in Place Survey. The survey provides monthly estimates of total US construction spending. It covers construction work done each month on new structures or improvements to existing structures for private and public sectors. Data estimates include the cost of labor, materials, architecture, engineering, overhead costs, interest and taxes and contractor’s profits.
For more information, visit the US Census Bureau website.
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