Overview of most recent construction spending data (through
March 2014) and forecast for construction spending through 2015
Total Construction Spending and its Major Components
This year's unusually difficult winter took its toll on
construction activity. Nonetheless, first quarter spending for all the major
groups was up compared to the same period in 2013.
The U.S. Census Bureau reported that total construction
spending advanced 0.2% in March to $942.5 billion at a seasonally adjusted
annual rate (SAAR). First quarter not seasonally adjusted (NSA) spending was
8.3% higher than the same period a year ago.
Nonresidential building construction spending fell for the
fifth month in a row, down 1.0% to $298.8 billion (SAAR) in March. January and
February spending were revised down by $3.3 billion and $6.4 billion,
respectively, which was 1.1% and 2.1% of their respective previously reported
numbers. That altered the monthly percentage change for January from +0.1% to ‑0.9%.
Despite the recent declines, first quarter NSA spending was 3.5% higher than in
2013.
Heavy engineering (non-building) construction spending increased
0.8% to $269.2 billion (SAAR) in March. January and February spending were
revised down by $2.5 billion and $5.3 billion, respectively, which was 0.9% and
2.0% of their respective previously reported numbers. First quarter NSA
spending was 4.5% higher than a year ago.
Total residential construction spending, which includes
improvements, rose 0.7% in to $374.5 billion (SAAR) after inching up 0.1% in
February. New residential construction spending, which excludes improvements,
also increased 0.7% to $229.1 billion in March, its 30th consecutive monthly
increase. First quarter NSA total residential construction spending was 16.0%
higher than last year and new residential construction was 17.9% higher.
See the entire article and data sets by going here…
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