March construction spending up 9.6% vs. 2023
Construction spending during March 2024 was estimated at a seasonally adjusted annual rate of $2,083.9 billion, 0.2% (±0.8%)* below the revised February estimate of $2,087.8 billion, according to the U.S. Census Bureau.
The March figure is 9.6% (±1.3%) above the March 2023 estimate of $1,901.4 billion. During the first three months of this year, construction spending amounted to $461.0 billion, 10.6% (±1.3%) above the $416.7 billion for the same period in 2023.
Spending on private construction was at a seasonally adjusted annual rate of $1,600.8 billion, 0.5% (±0.7%)* below the revised February estimate of $1,608.5 billion. Residential construction was at a seasonally adjusted annual rate of $884.3 billion in March, 0.7% (±1.3%)* below the revised February estimate of $890.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $716.5 billion in March, 0.2% (±0.7%)* below the revised February estimate of $717.6 billion.
In March, the estimated seasonally adjusted annual rate of public construction spending was $483.1 billion, 0.8% (±1.5%)* above the revised February estimate of $479.3 billion. Educational construction was at a seasonally adjusted annual rate of $102.7 billion, 1.0% (±2.0%)* above the revised February estimate of $101.7 billion. Highway construction was at a seasonally adjusted annual rate of $149.0 billion, 0.9% (±3.9 percent)* above the revised February estimate of $147.7 billion.
INDUSTRIAL SUPPLY MAGAZINE
The November/December issue of Industrial Supply magazine features an in-depth cover story about Kimball Midwest. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Marks, as well as interviews with numerous product and distribution industry experts.
