March '16 Construction at $1,137.5 Billion Annual Rate

May 3, 2016

The U.S. Census Bureau of the Department of Commerce announced that construction spending during March 2016 was estimated at a seasonally adjusted annual rate of $1,137.5 billion. The March figure is 8.0 percent above the March 2015 estimate of $ 1,052.9 billion.

During the first 3 months of this year, construction spending amounted to $240.4 billion, 9.1 percent above the $220.3 billion for the same period in 2015.    

Highlights from the report:

  • Construction spending at $1.14 trillion is up 0.3 percent in March from the revised rate of $1.13 trillion in February.
  • Private residential construction surged 1.6 percent in March. Within residential, multifamily building skyrocketed 5.6 percent, and single-family remained unchanged. 
  • Spending in the first three months of 2016 was 9.1 percent higher than the same period last year.

Source: US Census