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March Construction Spending Weathers Start of Shutdown

Fri, May 01, 2020 12:54 PM | Anonymous member (Administrator)

Construction spending during March 2020 was estimated at a seasonally adjusted annual rate of $1,360.5 billion, 0.9 percent above the revised February estimate of $1,348.4 billion. The March figure is also 4.7 percent above the March 2019 estimate of $1,299.1 billion. The surprising figures might be explained by the fact much of the spending had already been committed to before the shutdowns began to take full effect. During the first three months of this year, construction spending amounted to $297.0 billion, 6.7 percent above the $278.5 billion for the same period in 2019.

PRIVATE CONSTRUCTION:
Private Construction Spending on private construction was at a seasonally adjusted annual rate of $1,012.5 billion, 0.7 percent above the revised February estimate of $1,005.8 billion. Residential construction experienced the most volatility at a seasonally adjusted annual rate of $550.3 billion in March, 2.3 percent above the revised February estimate of $537.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $462.3 billion in March, 1.3 percent below the revised February estimate of $468.2 billion. 

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