Steel Markets
May 6, 2022
CPIP Data: Construction Spending Slowed in March
Written by David Schollaert
US construction spending in March totaled $1.730 trillion at a seasonally adjusted annual rate, just 0.1% above February’s total. Investment in construction cooled because increased spending on residential projects was offset by a decline in nonresidential investment, the Commerce Department reported.
Construction spending in March missed expectations, down from a 0.5% gain in February and behind earlier forecasts of roughly 1.0% growth. While month-over-month (MoM) growth disappointed in March, year-over-year (YoY) gains remain impressive. Construction spending in March was up 11.7% YoY – owing more to residential (+18.6%) than to nonresidential (+5.8%).
