March 2009 construction spending was estimated at a seasonally adjusted annual rate of $969.7 billion, 0.3% above the revised February estimate of $967.1 billion and 11.1% below the same period a year ago, when spending stood at $1,090.5 billion. During the first quarter of 2009, spending amounted to $209.5 billion, 10.9% below $235.2 billion for the same period in 2008.

Private construction stood at $661 billion, 0.1% below the February estimate of $661.6 billion. Private residential construction was a seasonally adjusted annual rate of $258.4 billion in March, 4.2% below the February estimate of $269.6 billion. Private nonresidential was at $402.6 billion in March, 2.7% above the February figure of $392 billion. Meanwhile, public construction stood at a seasonally adjusted annual rate of $308.7 billion, 1.1% above the February estimate of $305.4 billion.

While residential construction has seen major losses, however, nonresidential construction overall still remains strong compared to 2008, up 2% compared to the same period last year, with public construction up 3% and private construction up 1%.

Craig DiLouie

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