U.S. Census Bureau Reports on March 2015 Construction Spending

The U.S. Census Bureau of the Department of Commerce recently announced that construction spending during March 2015 was estimated at a seasonally adjusted annual rate of $966.6 billion, 0.6 percent ( ±1.3 percent)* below the revised February estimate of $972.9 billion. The March figure is 2.0 percent ( ±1.6 percent) above the March 2014 estimate of $947.3 billion.

During the first three months of this year, construction spending amounted to $206.7 billion, 3.2 percent ( ±1.5 percent) above the $200.4 billion for the same period in 2014.

Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $702.4 billion, 0.3 percent ( ±1.0 percent)* below the revised February estimate of $704.7 billion. Residential construction was at a seasonally adjusted annual rate of $349.0 billion in March, 1.6 percent ( ±1.3 percent) below the revised February estimate of $354.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $ 353.4 billion in March, 1.0 percent ( ±1.0 percent)* above the revised February estimate of $350.1 billion.

Public Construction
In March, the estimated seasonally adjusted annual rate of public construction spending was $264.2 billion, 1.5 percent ( ±2.3 percent)* below the revised February estimate of $268.2 billion. Educational construction was at a seasonally adjusted annual rate of $58.4 billion, 2.2 percent ( ±3.9 percent)* below the revised February estimate of $59.7 billion. Highway construction was at a seasonally adjusted annual rate of $78.0 billion, 2.4 percent ( ±6.3 percent)* below the revised February estimate of $79.9 billion.

*Ninety percent confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.