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May 9, 2005: March Construction Spending Up 8 Percent Over Last Year

May 9, 2005
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WASHINGTON - The U.S. Department of Commerce reported that March construction spending was up 0.5 percent over the February figure, but was up a solid 8 percent over March 2004.

Construction spending during March 2005 was estimated at a seasonally adjusted annual rate of $1.052 trillion, 0.5 percent above the revised February estimate of $1.047 trillion. The March figure is 8 percent above the March 2004 estimate of $973.9 billion.

During the first 3 months of this year, construction spending amounted to $222.4 billion, 9.3 percent above the $203.5 billion for the same period in 2004.

Spending on private construction was at a seasonally adjusted annual rate of $815.5 billion, 0.5 percent above the revised February estimate of $811.3 billion. Residential construction was at a seasonally adjusted annual rate of $585.3 billion in March, 0.3 percent above the revised February estimate of $583.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $230.3 billion in March, 1.1 percent above the revised February estimate of $227.7 billion.

In March, the estimated seasonally adjusted annual rate of public construction spending was $236.3 billion, 0.3 percent above the revised February estimate of $235.6 billion. Educational construction was at a seasonally adjusted annual rate of $63.9 billion, 0.4 percent above the revised February estimate of $63.7 billion.

Publication date: 05/09/2005

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