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Construction Spending Edges Up Slightly04-30-07 | News

Construction Spending Edges Up Slightly

WASHINGTON D.C. ?EUR??,,????'??+ Construction spending during March 2007 was estimated at a seasonally adjusted annual rate of $1.188 trillion, 0.2 percent above the revised February estimate, according to a report released Monday by the Commerce Department. The March figure is two percent below the March 2006 estimate of $1.212 trillion.

During the first three months of this year, construction spending amounted to $250.3 billion, 2.4 percent below the $256.5 billion for the same period in 2006.

Spending on private construction was at a seasonally adjusted annual rate of $900.3 billion, 0.2 percent above the revised February estimate of $898.6 billion. Residential construction was at a seasonally annual rate of $568.8 billion in March, one percent below the revised February estimate of $574.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $331.5 billion in March, 2.4 percent above the revised February estimate of $323.9 billion.

In March, the estimated seasonally adjusted annual rate of public construction spending was $287.5 billion, 0.4 percent above the revised February estimate of $286.4 billion. Educational construction was at a seasonally adjusted annual rate of $75,2 billion, 2.1 percent above the revised February estimate of $73.7 billion. Highway construction was at a seasonally adjusted annual rate of $79.9 billion, 0.9 percent above the revised February estimate of $79.2 billion.