Updated: 01-May-24 10:33 ET
| March Construction Spending |
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| Updated: 01-May-24 10:33 ET |
Highlights
- Total construction spending decreased 0.2% month-over-month in March (Briefing.com consensus 0.4%) following an upwardly revised flat reading (from -0.3%) in February.
- Total private construction was down 0.5% month-over-month while total public construction was up 0.8% month-over-month.
- On a year-over-year basis, total construction spending was up 9.6%.
Key Factors
- Total residential spending decreased 0.7% month-over-month while nonresidential spending increased 0.2% month-over-month.
- In private construction, residential spending fell 0.7%, led by a 0.2% decline in new single-family construction and a 0.6% decline in new multifamily construction. Nonresidential spending fell 0.2%, paced by a 0.6% decline in commercial spending, and a 0.9% decline in power spending.
- In public construction, nonresidential spending increased 0.8% month-over-month, led by increases in all categories except transportation (-0.7%) and sewage and waste disposal (-1.4%).
Big Picture
- The key takeaway from the report is that residential spending was weak, perhaps reflecting the effects of higher financing costs and tighter lending standards for new construction projects.
| Category | MAR | FEB | JAN | DEC | NOV |
| Nominal (Current) Dollars | |||||
| Total Construction | -0.2% | 0.0% | -0.6% | 0.9% | 1.2% |
| Private | -0.5% | 0.2% | -0.7% | 0.5% | 1.1% |
| Residential | -0.7% | 0.7% | -0.9% | 0.8% | -0.4% |
| Nonresidential | -0.2% | -0.5% | -0.4% | 0.2% | 3.0% |
| Public | 0.8% | -0.4% | -0.4% | 2.0% | 1.3% |
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