Construction Spending Moderates in March

Construction spending during March 2025 was estimated at a seasonally adjusted annual rate of $2,196.1 billion, 0.5 percent below the upward revised February estimate of $2,206.9 billion. The March figure is 2.8 percent above the March 2024 estimate of $2,135.8 billion. During the first three months of this year, construction spending amounted to $485.7 billion, 2.9 percent above the $472.2 billion for the same period in 2024.

Private Construction Spending on private construction was at a seasonally adjusted annual rate of $1,688.0 billion, 0.6 percent below the revised February estimate of $1,697.7 billion. Residential construction was at a seasonally adjusted annual rate of $937.7 billion in March, 0.4 percent below the revised February estimate of $941.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $750.3 billion in March, 0.8 percent below the revised February estimate of $756.0 billion.

Public Construction In March, the estimated seasonally adjusted annual rate of public construction spending was $508.1 billion, 0.2 percent below the revised February estimate of $509.2 billion. Educational construction was at a seasonally adjusted annual rate of $110.0 billion, 0.6 percent below the revised February estimate of $110.6 billion. Highway construction was at a seasonally adjusted annual rate of $145.8 billion, 0.5 percent below the revised February estimate of $146.4 billion.

BY THE NUMBERS:

TOTAL in millions:	MARCH 2025 $ 2,196,060
Private Sector:	$                 1,687,970 (76.86% of total)
Residential	$                    937,668 (42.70%)
Nonresidential	$                   750,303 (34.16%)
Public Sector:	$                   508,090 (23.14% of total)
State/Local	$                   471,183 (21.46%)
Federal	$                     36,907 ( 1.68%)