US Construction Spending Sees Significant Growth

The US Census Bureau reported a notable increase in construction spending, reaching $2.2 trillion in March, marking a 0.7% rise from the previous month's revised figures. Year-over-year, the growth stands at an impressive 2.9%.

Private and Public Construction Trends

Private construction spending hit $1.7 trillion, showing a 0.9% increase from January's revised numbers. Within this sector, residential construction surged by 1.3% to $928 billion, while nonresidential construction experienced a modest 0.4% rise to $757 billion. Conversely, public construction spending slightly declined by 0.2% to $391 billion.

Annual Comparison Highlights Growth

Comparing to the same period in 2024, construction expenditure has grown by 0.2%, totaling $509 billion, underscoring the sector's robust performance amidst economic fluctuations.