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May 01, 2023US CONSTRUCTION SPENDING, MARCH 2023 Month over month (March 2023 vs February 2023, seasonally adjusted annual rate)
US construction spending increased 0.3% to $1,834.7 billion. Total residential construction decreased 0.2% to $837.5 billion. Total non-residential construction spending increased 0.7% to $997.1 billion.
Private sector construction increased 0.3% to $1,435.1 billion. Private residential construction decreased 0.2% to $827.7 billion, while private non-residential construction spending increased 1.0% to $607.4 billion.
Public sector construction increased 0.2% to $399.6 billion. Public residential construction increased 0.8% to $9.9 billion, while public non-residential construction spending increased 0.2% to $389.8 billion.
Year over year (March 2023 vs March 2022)
US construction spending was up 3.8%
- Total residential construction was down 9.8%
- Total non-residential construction was up 18.8%
- Private sector construction was up 1.0%
- Public sector construction was up 15.0%
Year to date (January-March 2023 vs January-March 2022)
US construction spending was up 4.8%
- Total residential construction was down 7.5%
- Total non-residential construction was up 18.1%
- Private sector construction was up 2.3%
- Public sector construction was up 14.8%
Source: US Census Bureau, retrieved from FRED, Federal Reserve Bank of St. Louis
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