Construction spending rose 0.2% in March 2007, according to a Commerce Department report released Monday. The March level of $1,187.8 billion was 2.0% below the March 2006. Private residential construction fell 1.0% in March to $568.8 billion. With new home sales down 23.5% year over year, the modest drop in new home construction is good news - it could certainly have been larger and some drop in new construction is necessary to avoid an even larger inventory glut that could further depress home values for new and existing homes.
MARCH 2007 CONSTRUCTION AT $1,187.8 BILLION ANNUAL RATE
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during March 2007
was estimated at a seasonally adjusted annual rate of $1,187.8 billion, 0.2 percent (±1.3%)* above the revised February
estimate of $1,185.0 billion. The March figure is 2.0 percent (±2.1%)* below the March 2006 estimate of $1,212.4 billion.
During the first 3 months of this year, construction spending amounted to $250.3 billion, 2.4 percent (±1.9%) below the
$256.5 billion for the same period in 2006.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $900.3 billion, 0.2 percent (±1.4%)* above
the revised February estimate of $898.6 billion. Residential construction was at a seasonally adjusted annual rate of
$568.8 billion in March, 1.0 percent (±1.3%)* below the revised February estimate of $574.7 billion. Nonresidential
construction was at a seasonally adjusted annual rate of $331.5 billion in March, 2.4 percent (±1.4%) above the revised
February estimate of $323.9 billion.
PUBLIC CONSTRUCTION
In March, the estimated seasonally adjusted annual rate of public construction spending was $287.5 billion, 0.4 percent
(±1.9%)* above the revised February estimate of $286.4 billion. Educational construction was at a seasonally adjusted
annual rate of $75.2 billion, 2.1 percent (±3.2%)* above the revised February estimate of $73.7 billion. Highway
construction was at a seasonally adjusted annual rate of $79.9 billion, 0.9 percent (±5.6%)* above the revised February
estimate of $79.2 billion.
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