March 2020 Construction Spending Increases
The U.S. Census Bureau announced construction spending for March 2020 was at a seasonally adjusted annual rate of $1,360 billion, 0.9% above the revised estimate of $1,348 billion in February. Compared to 2019, March 2020 total spending is up 4.7%. Also, during the first three months of 2020, construction spending amounted to $297 billion, 6.7% above the $278 billion for the same period in 2019.
While private construction spending in March was $1,012 billion, 0.7% above the revised February estimate of $1,006 billion, public construction spending was $348 billion, 1.6% above last month’s revised estimates of $343 billion.
Compared to March 2019, private construction spending was up 3.7%, and public construction spending was up 7.9%. One of the main contributors to the public construction spending growth in March is highway construction, which was $108 billion, 4.6% above the revised February estimate of $103 billion.
With the announcement of construction spending for March 2020, the Bureau noted that due to the events surrounding COVID-19, responses and data quality were monitored, and it was determined they met publication standards.
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