Construction spending inches up 4.3% YoY
During the first three months of this year, total construction spending amounted to $403.3 billion, 4.3 percent (±1.0 percent) above the $386.7 billion for the same period in 2022, according to the U.S. Census Bureau.
Construction spending during March 2023 was estimated at a seasonally adjusted annual rate of $1,834.7 billion, 0.3 percent (±0.5 percent)* above the revised February estimate of $1,829.6 billion. The March figure is 3.8 percent (±1.2 percent) above the March 2022 estimate of $1,768.2 billion.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,435.1 billion, 0.3 percent (±0.5 percent)* above the revised February estimate of $1,430.8 billion. Residential construction was at a seasonally adjusted annual rate of $827.7 billion in March, 0.2 percent (±1.3 percent)* below the revised February estimate of $829.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $607.4 billion in March, 1.0 percent (±0.5 percent) above the revised February estimate of $601.6 billion.
Public Construction
In March, the estimated seasonally adjusted annual rate of public construction spending was $399.6 billion, 0.2 percent (±1.0 percent)* above the revised February estimate of $398.8 billion. Educational construction was at a seasonally adjusted annual rate of $86.9 billion, 0.7 percent (±1.8 percent)* above the revised February estimate of $86.3 billion. Highway construction was at a seasonally adjusted annual rate of $121.7 billion, 0.1 percent (±2.6 percent)* below the revised February estimate of $121.8 billion.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
