Construction spending on housing put in place during March 2004 was estimated at a seasonally adjusted annual rate of $944 billion, approximately 1.5 percent above the revised February estimate of $930 billion, according to the U.S. Commerce Department’s Census Bureau.
The March figure is approximately 8 percent above the March 2003 estimate of $875 billion.
During the first three months of this year, construction spending amounted to $198 billion, approximately 7 percent above the $186 billion for the same period in 2003.
Spending on private construction was at a rate of $722 billion, approximately 0.4 percent above the revised February estimate of $719 billion.
Residential construction was at a seasonally adjusted annual rate of $507 billion in March, approximately 0.7 percent above the revised February estimate of $504 billion.
