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Construction spending up slightly in March

Numbers released on Monday from the U.S. Department of Commerce announced that construction spending during March 2011 was estimated at $768.9 billion, a 1.4% increase above February’s estimate of $758.6 billion. The March figure is 6.7% below the March 2010 estimate of $824.0 billion.

During the first three months of this year, construction spending amounted to $161.2 billion, 7.8% below the $174.8 billion from the same quarter in 2010. 

Spending on private construction was estimated at $476.1 billion, 2.2% above February’s estimate of $466.0 billion. Residential construction was at an annual rate of $229.1 billion in March, 2.6% above the February estimate of $223.2 billion. Nonresidential construction was at an annual rate of $247.0 billion in March, 1.8% above the February estimate of $242.7 billion.

Public construction was essentially flat: $292.8 billion, 0.1% above the February estimate of $292.6 billion. Educational construction was estimated at $68.5 billion, 0.5% above the February estimate of $68.1 billion. Highway construction was at an annual rate of $82.9 billion, 0.6% above the February estimate of $82.4 billion.


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