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