May 1, 2025

Construction spending (the green bars above) fell 0.5% in March after rising 0.6% in February.  This indicator has been essentially flat since the end of last year..  In the past 12 months it has risen 2.8%.

Private construction spending (excluding the government sector) declined 0.6% in March after rising 0.7% in February..  In the past year private construction has risen 2.3%.

Within the private construction spending category, residential spending declined 0.4% in March after jumping 1.3% in February.   In the past 12 months residential construction spending has risen 2.8%.

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Nonresidential construction fell 0.8% in March after climbing 0.1% in February.   In the past 12  months nonresidential construction has risen 1.6%.

Public sector construction spending declined 0.2% in March after having been unchanged in February.  In  the past year such spending has risen 4.7%.

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All of the components of construction spending have been essentially unchanged since the end of last year which means their year-over-year growth rates have been steadily slowing.

Stephen Slifer

NumberNomics

Charleston, SC