News Column

Construction Spending Sank in March

May 1, 2013
construction worker

Construction spending dropped 1.7 percent from February to March, the U.S. Census Bureau News reported Wednesday.

Total construction spending in February was revised lower to $871.2 billion. In March, spending on private and public construction projects fell to $856.7 billion, said the bureau, which is part of the U.S. Commerce Department.

Spending in March came to 4.8 percent more than March 2012, when $817.8 billion was spent on construction projects on a seasonally adjusted annual basis.

Spending on private-sector projects in March totaled $598.4 billion, 0.6 percent below February's revised estimate of $602 billion.

In the month, $294.9 billion was spent on residential projects, a 0.4 percent gain over February, and $303.5 billion spent on non-residential projects, a 1.5 percent drop from February.

The estimated seasonally adjusted annual rate of public construction spending in February was $258.3 billion, a 4.1 percent drop from February, the Census Bureau said.

Educational construction was at a seasonally adjusted annual rate of $62.8 billion, down 2.9 percent from February, while highway construction was at a seasonally adjusted annual rate of $73.8 billion, off 5.2 percent from February.





Source: Copyright UPI 2013


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