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Residential Building Continues to Dominate Construction Spending

Residential Building Continues to Dominate Construction Spending

Total construction spending continues to roar ahead of its 2021 pace, led again in March by another double digit increase in the residential component. The U.S. Census Bureau says the investment in all types of construction was at a seasonally adjusted rate of $1.731 trillion in March, an 0.1 percent gain compared to February and up 11.7 percent year-over-year. So far in 2022 there has been a total of $376.337 billion spent, 12.0 percent growth compared to the first three months of last year. Spending in the private sector increased 0.2 percent from February to March at an annual rate of $1.380 trillion. The residential share of that spending rose 1.0 percent month-over-month compared to a gain of 0.7 percent in February. The annual rate in March was $88.045 billion, up 18.4 percen
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