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Residential Sector Continues to Drive Construction Spending

Posted To: MND NewsWire

Nationwide spending on construction edged up fractionally in March, but the big story was the annual gain in residential construction spending, especially for new single-family housing. The U.S. Census Bureau said construction, public and private, for all sectors inched up 0.2 percent from February and was 5.3 percent higher compared to March 2020 at $1.513 trillion. However, residential spending gained 23.3 percent on an annual basis. Virtually all residential spending was in the private sector. Overall, the seasonally adjusted annual rate of total public expenditures in March was 1.169 trillion compared to 1.160 trillion in February, an 0.7 percent gain and 8.6 percent more than was spent a year earlier. The residential spending rate constituted more than half that figure at $745.245 billion…(read more)

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