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March 2024 Construction Spending

May 8, 2024

The U.S. Census Bureau announced construction spending for March 2024 was at a seasonally adjusted annual rate of $2,084 billion, almost flat compared to February. Compared to last year’s timeframe, construction spending in March was up nearly 10%. In the first quarter of this year, construction spending was up 11% to $461 billion compared to 2023.

While private construction spending in December was $1,601 billion, 0.5% below the February amount of $1,608 billion, public construction spending was $483 billion, 0.8% above February at $479 billion. A key contributor to public construction was highway construction at $149 billion, 0.9% above February.

Compared to the same period last year, public construction spending is up 18%. The leading growth contributor was highway construction, up 20 % to $149 from $124 billion in 2023.

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