Economic Buzz: US March Construction Spending Increases

3 May 2022 , 08:50 AM

A report released by the Commerce Department on Monday showed a modest increase in US construction spending in the month of March. The Commerce Department said construction spending inched up by 0.1 percent to an annual rate or $1.731 trillion in March after rising by 0.5 percent to a revised rate of $1.729 trillion in March. The uptick in total construction spending came as spending on private construction rose by 0.2 percent to an annual rate of $1.380 trillion. Residential construction jumped by 1.0 percent to a rate of $882.0 billion, but spending on non-residential construction tumbled by 1.2 percent to a rate of $497.6 billion. Meanwhile, the report showed spending on public construction dipped by 0.2 percent to an annual rate of $350.8 billion. Spending on educational construction slid by 0.8 percent to a rate of $80.3 billion, while spending on highway construction fell by 0.4 percent to a rate of $103.1 billion.

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