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. This represented 1.7 percent growth from the $713.056 billion spent
the prior month and 23.3 percent more than the spending rate in March 2020.