US construction spending for March 2020

US construction spending for the month of March rose by 0.9%. That was much better than the -3.5% estimate.

  • Construction spending +0.9% versus -3.5% estimate. Residential 2.3%. Nonresidential -0.1%
  • The prior month was revised lower to -2.5% from -1.3% previously reported
  • Private construction spending rose 0.7%. Residential +2.3%. Nonresidential -1.3%
  • Public spending increase by 1.6%. Residential +0.7%. Nonresidential +1.6%
  • government construction spending was 25.6% of total in March

Much better-than-expected numbers but the revision to the February number did take some of the surprise strength away and government construction was a big contributor. Nevertheless, an increase in March is a flicker of light not expected. Construction was a business of that was not shut down as it was thought workers could be separated sufficiently to provide a safer work environment.

US construction spending increased by 0.9%