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Mixed Results for Construction Spending in March05-15-15 | News

Mixed Results for Construction Spending in March

In March, the $967 billion construction spending at a seasonally adjusted annual rate was 0.6 percent lower than the February number but 2.0 percent higher than in March 2014.

Construction spending in March saw a slight decrease from last month's total but an increase from last March's numbers according to the most recent analysis of U.S. Commerce Department numbers by the Associated General Contractors of America. March's total of $967 billion at a seasonally adjusted annual rate was off just 0.6 percent from February.

On the plus side, that figure was 2.0 percent higher than in March 2014, which left spending totals over the first quarter of this year at 3.2 percent higher than 2014's first quarter results. That includes private residential spending up 0.9 percent, private nonresidential spending up 6.4 percent and public construction spending up 1.7 percent.

Of the private nonresidential segments, spending in the first three months of 2015 rose 17 percent for commercial construction and 23 percent for office construction.