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Sunday, February 25, 2024
HomeNewsEconomyConstruction Spending Declines in March, Missing Forecast Range

Construction Spending Declines in March, Missing Forecast Range

New residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)
New residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)
New residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)

Construction spending was estimated at a seasonally adjusted annual rate of $1,282.2 billion, 0.9% (±1.0%) below the revised February estimate of $1,293.3 billion.

PriorRevisedConsensusForecast RangeActual
Construction Spending – M/M ∆1.0%0.7%0.2%-0.5% — 0.6%-0.9%
Construction Spending – Y/Y ∆1.1%0.8%

Total construction spending for March is down 0.8% (±1.5%) from the March 2018 estimate of $1,293.1 billion. During the first three months of this year, construction spending amounted to $277.7 billion, down 0.2% (±1.3%) from the $278.3 billion for the same period in 2018.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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