March 2024 U.S. construction spending was at a seasonally adjusted annual rate of $2,083.9 billion, down 0.2% from February 2024. However, the March figure was up by 9.6% compared to one year ago.
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For the first quarter of 2024, construction spending is $461 billion, 10.6% above the prior-year period.
Spending on private construction ($1,600.8 billion) was below February. Residential construction spending was $884.4 billion in March, 0.7% below February, while nonresidential construction spending was down 0.2%.
Public construction projects came in 0.8% above February of $479.3 billion. Educational construction was at $102.7 billion, 1% above February. Highway construction reached $149 billion, an increase of 0.9%.
