The U.S. Census Bureau of the Department of Commerce announced today that construction spending during March 2014 was estimated at a seasonally adjusted annual rate of $942.5 billion, 0.2 percent (±1.3%)* above the revised February estimate of $940.8 billion. The March figure is 8.4 percent (±1.8%) above the March 2013 estimate of $869.2 billion.

During the first 3 months of this year, construction spending amounted to $196.6 billion, 8.3 percent (±1.5%) above the $181.6 billion for the same period in 2013.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $679.6 billion, 0.5 percent (±1.0%)* above the revised February estimate of $676.3 billion. Residential construction was at a seasonally adjusted annual rate of $369.8 billion in March, 0.8 percent (±1.3%)* above the revised February estimate of $367.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $309.8 billion in March, 0.2 percent (±1.0%)* above the revised February estimate of $309.3 billion.

Public Construction

In March, the estimated seasonally adjusted annual rate of public construction spending was $262.9 billion, 0.6 percent (±2.1%)* below the revised February estimate of $264.5 billion. Educational construction was at a seasonally adjusted annual rate of $58.4 billion, 2.3 percent (±3.5%)* below the revised February estimate of $59.8 billion. Highway construction was at a seasonally adjusted annual rate of $84.0 billion, 0.5 percent (±6.7%)* above the revised February.