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Construction Spending: March

MARCH 2000 CONSTRUCTION AT $765.2 BILLION ANNUAL RATE
Construction put in place during March 2000 was
estimated at a seasonally adjusted annual rate of $765.2 billion,
1 (+/-5) percent above the revised February estimate of
$754.8 billion, according to the U.S. Commerce Department's Census
Bureau.  The March figure represents a 7 percent
increase over March 1999.
During the first 3 months of this year $155.4 billion of
construction was put in place, 7 percent above the $144.9 billion
for the same period in 1999.
In constant (1992) dollars, the March annual rate
was $588.8 billion, 1 (+/-5) percent above the revised
estimate of $581.2 billion for February.
PRIVATE CONSTRUCTION
Spending on new residential housing units was at a seasonally
adjusted annual rate of $261.0 billion in March,
1 (+/-2) percent above the revised February estimate
of $258.4 billion.  Nonresidential building construction 
was at a rate of $201.2 billion, 1 (+/-3) percent above 
the revised February estimate of $198.4 billion.
PUBLIC CONSTRUCTION
In March, the estimated seasonally adjusted annual rate of
public construction put in place was $178.4 billion,
3 (+/-5) percent above the revised February estimate of $173.5 billion.
April 2000 data will be released on June 1, 2000 at 10:00 AM EDT.
EXPLANATORY NOTES
In interpreting changes in the statistics in this release, note that
month-to-month changes in seasonally adjusted statistics often show
movements which may be irregular.  It may take 3 months to establish
an underlying trend for total construction and as long as 8 months
for specific categories of construction.
The statistics in this release are estimated from several sources and
surveys and are subject to sampling variability as well as nonsampling
errors including bias and variance from response, nonreporting, and
undercoverage.  Estimates of the standard errors are provided in Table 4
for selected types of construction.  Whenever a statement such as "2 (+/-3)
percent above" appears in the text, this indicates the range (-1 to +5
percent) in which the actual percent change is likely to have occurred.
All ranges given are 90 percent confidence intervals.  If the range
contains zero, it is uncertain whether there was an increase or decrease;
that is, the change was not statistically significant.  For any comparison
cited without a confidence interval, the change is statistically
significant.  Statistics for the current month are preliminary estimates
subject to revision in following months as additional data become available.
The average absolute percent changes from preliminary estimate to first
revision for the major seasonally adjusted components are as follows:
total construction, 0.5 percent; private construction, 0.6 percent; private
residential construction, 0.5 percent; private nonresidential construction,
1.2 percent; and public construction, 1.1 percent.
More detailed data will appear in Current Construction Reports, C30/00-3,
to be issued later this month.  A discussion of sources and reliability
of the data appears in Current Construction Reports, C30/99-5.
---------------------------------------------------------------------------
TABLE 1. VALUE OF CONSTRUCTION PUT IN PLACE IN THE UNITED STATES,
SEASONALLY ADJUSTED ANNUAL RATE (BILLIONS OF DOLLARS)
       Type of construction      Mar(p) Feb(r) Jan(r)    Dec    Nov    Mar
                                   2000   2000   2000   1999   1999   1999
                              Current dollars
      Total construction........ 765.2  754.8  746.2  731.8  717.6  715.4
Private construction(1)......... 586.8  581.3  565.8  557.7  550.0  555.4
  Residential buildings(2)...... 344.1  339.4  337.2  330.1  326.1  323.1
    New housing units........... 261.0  258.4  256.5  251.3  244.6  241.5
      1 unit ................... 230.3  230.5  227.2  223.1  216.8  212.4
      2 units or more...........  30.7   28.0   29.3   28.2   27.8   29.1
  Nonresidential buildings...... 201.2  198.4  185.3  185.1  183.1  189.3
    Industrial..................  29.4   28.9   26.0   26.8   26.1   29.1
    Office......................  52.7   49.8   46.4   46.5   46.8   46.4
    Hotels, motels..............  16.1   15.5   15.4   15.5   15.0   16.4
    Other commercial............  61.1   61.8   57.8   57.7   57.4   57.6
    Religious...................   7.9    7.8    7.3    6.7    6.5    7.2
    Educational.................  10.6   11.0   10.3   10.3    9.8    9.0
    Hospital and institutional..  12.5   12.2   12.1   12.0   12.1   12.8
    Miscellaneous buildings.....  10.9   11.3   10.1    9.7    9.4   10.8
  Telecommunications............  (NA)   15.7   16.5   15.0   13.3   14.2
  All other private.............   3.5    3.5    2.5    3.3    3.1    3.1
Public construction............. 178.4  173.5  180.4  174.1  167.6  160.0
  Housing and redevelopment.....   3.9    3.5    3.7    4.0    3.7    3.6
  Industrial....................   1.1    1.3    1.3    1.0    0.9    1.0
  Educational...................  41.3   40.4   38.9   37.6   36.6   32.1
  Hospital......................   3.8    4.1    4.2    4.1    4.1    4.0
  Other public buildings........  29.3   29.7   29.7   29.7   29.5   28.1
  Highways and streets..........  58.1   53.4   63.7   56.9   53.5   53.1
  Military facilities...........   2.3    2.8    1.8    2.4    2.0    2.2
  Conservation and development..   6.6    7.3    6.6    7.1    6.6    6.2
  Sewer systems.................   9.8    9.3    9.5   10.0    9.3   10.0
  Water supply facilities.......   6.7    7.9    7.0    6.4    6.4    6.8
  Miscellaneous public..........  15.5   13.9   14.0   14.7   15.2   12.9
                              1992 dollars   
      Total construction........ 588.8  581.2  576.3  567.2  557.8  571.6
Private construction(1)......... 449.9  446.2  435.3  430.4  425.7  441.7
  Residential buildings(2)...... 261.9  258.7  257.4  252.8  250.6  255.6
    New housing units........... 198.6  197.0  195.8  192.4  188.0  191.1
      1 unit ................... 175.2  175.7  173.5  170.8  166.7  168.0
      2 units or more...........  23.4   21.3   22.4   21.6   21.3   23.0
  Nonresidential buildings...... 153.4  151.2  141.6  142.1  141.1  150.0
    Industrial..................  22.4   22.0   19.8   20.5   20.1   23.0
    Office......................  40.1   38.0   35.4   35.7   36.0   36.8
    Hotels, motels..............  12.2   11.8   11.7   11.9   11.5   13.0
    Other commercial............  46.5   47.1   44.2   44.3   44.2   45.6
    Religious...................   6.0    5.9    5.6    5.1    5.0    5.7
    Educational.................   8.1    8.4    7.8    7.9    7.5    7.1
    Hospital and institutional..   9.6    9.3    9.3    9.2    9.3   10.2
    Miscellaneous buildings.....   8.3    8.6    7.7    7.5    7.3    8.6
  Telecommunications............  (NA)   13.7   14.4   13.1   11.5   12.1
  All other private.............   2.8    2.8    2.0    2.7    2.5    2.6
Public construction............. 138.9  135.1  141.1  136.8  132.0  129.9
  Housing and redevelopment.....   2.9    2.7    2.8    3.1    2.8    2.9
  Industrial....................   0.9    1.0    1.0    0.8    0.7    0.8
  Educational...................  31.5   30.8   29.7   28.9   28.2   25.4
  Hospital......................   2.9    3.1    3.2    3.2    3.2    3.2
  Other public buildings........  22.3   22.7   22.7   22.8   22.7   22.3
  Highways and streets..........  45.5   41.8   50.2   45.1   42.5   43.8
  Military facilities...........   1.8    2.2    1.4    1.8    1.5    1.8
  Conservation and development..   5.3    5.9    5.4    5.8    5.4    5.2
  Sewer systems.................   8.0    7.5    7.7    8.2    7.6    8.4
  Water supply facilities.......   5.4    6.4    5.7    5.3    5.2    5.5
  Miscellaneous public..........  12.4   11.0   11.2   11.9   12.2   10.8
(NA) Not available.  (p) Preliminary.  (r) Revised.
(1) Includes the following categories of private construction not shown
separately: residential improvements, railroads, electric
light and power, gas, petroleum pipelines, and farm nonresidential.                      
(2) Includes improvements.                                                                                   
---------------------------------------------------------------------------
TABLE 2. VALUE OF CONSTRUCTION PUT IN PLACE IN THE UNITED STATES,
NOT SEASONALLY ADJUSTED IN CURRENT DOLLARS (BILLIONS OF DOLLARS)
       Type of construction      Mar(p) Feb(r) Jan(r)    Dec    Nov    Mar
                                   2000   2000   2000   1999   1999   1999
      Total construction........  56.3   49.5   49.6   55.4   61.7   52.4
Private construction(1).........  44.4   38.9   38.7   42.8   47.5   41.7
  Residential buildings(2)......  25.6   21.4   22.5   24.3   28.3   23.9
    New housing units...........  20.0   16.9   17.7   18.8   21.4   18.5
      1 unit ...................  17.6   14.8   15.5   16.6   19.1   16.2
      2 units or more...........   2.5    2.1    2.1    2.2    2.3    2.3
  Nonresidential buildings......  16.0   15.0   13.6   15.0   15.7   14.9
    Industrial..................   2.3    2.2    1.9    2.3    2.3    2.3
    Office......................   4.3    4.0    3.5    3.8    4.0    3.8
    Hotels, motels..............   1.4    1.2    1.2    1.3    1.3    1.4
    Other commercial............   4.6    4.3    4.0    4.5    5.0    4.3
    Religious...................   0.6    0.6    0.5    0.6    0.6    0.6
    Educational.................   0.8    0.8    0.7    0.7    0.8    0.7
    Hospital and institutional..   1.0    1.0    0.9    1.0    1.0    1.1
    Miscellaneous buildings.....   0.9    0.8    0.7    0.8    0.8    0.9
  Telecommunications............  (NA)    1.2    1.1    1.4    1.2    1.2
  All other private.............   0.3    0.2    0.2    0.3    0.3    0.2
Public construction.............  11.9   10.6   10.9   12.7   14.2   10.7
  Housing and redevelopment.....   0.3    0.3    0.3    0.3    0.3    0.3
  Industrial....................   0.1    0.1    0.1    0.1    0.1    0.1
  Educational...................   3.0    2.8    2.7    2.7    2.8    2.3
  Hospital......................   0.3    0.3    0.3    0.4    0.3    0.3
  Other public buildings........   2.3    2.2    2.2    2.4    2.5    2.2
  Highways and streets..........   3.0    2.2    2.8    3.6    4.6    2.7
  Military facilities...........   0.2    0.2    0.1    0.2    0.2    0.2
  Conservation and development..   0.5    0.5    0.4    0.6    0.6    0.5
  Sewer systems.................   0.7    0.6    0.6    0.8    0.8    0.7
  Water supply facilities.......   0.5    0.5    0.5    0.5    0.6    0.5
  Miscellaneous public..........   1.1    0.9    0.9    1.1    1.3    0.9
(NA) Not available.  (p) Preliminary.  (r) Revised.
(1) Includes the following categories of private construction not shown
separately: residential improvements, railroads, electric
light and power, gas, petroleum pipelines, and farm nonresidential.                      
(2) Includes improvements.                                                                                   
---------------------------------------------------------------------------
TABLE 3. U.S. CENSUS BUREAU COMPOSITE FIXED- WEIGHTED (1992 WEIGHTS)
               PRICE INDEX AND IMPLICIT PRICE DEFLATOR
                                (1992=100)
           FIXED-WEIGHTED INDEX               IMPLICIT PRICE DEFLATOR
           1998      1999      2000          1998      1999      2000
Jan       120.9     124.5  (r)129.2          120.7     124.6  (r)129.7
Feb       120.5     124.8  (r)129.4          120.7     124.6  (r)130.0
Mar       120.5     125.7  (p)129.4          120.7     125.3  (p)130.1
Apr       120.9     125.6                    120.9     125.7
May       121.1     125.9                    121.2     126.2
Jun       121.8     126.9                    121.8     126.9
Jul       122.2     127.5                    122.1     127.4
Aug       122.6     127.5                    122.5     127.5
Sep       122.8     128.0                    122.8     127.9
Oct       123.1     128.4                    123.3     128.3
Nov       123.4     128.7                    123.8     128.6
Dec       124.1     128.8                    124.3     129.0
Annual    122.0     126.9                    122.2     127.0
(p) Preliminary.  (r) Revised.
---------------------------------------------------------------------------
TABLE 4. RELATIVE STANDARD ERRORS AND COEFFICIENTS FOR STANDARD ERRORS
         OF CHANGES
                                Relative standard error(%)  Coefficient for
                                  Monthly      Annual       month-to-month
Type of construction              estimate    estimate       change (k)
          Total construction...      2           1               .03
Private construction...........      3           1               .04
  Residential buildings........      5           2               .06
    New housing units..........      2           1               .01
      1 unit...................      2           2               .01
      2 units or more..........      4           3               .03
  Nonresidential buildings.....      2           1               .02
    Industrial.................      3           2               .04
    Office.....................      4           2               .05
    Hotels, motels.............      7           5               .09
    Other commercial...........      5           2               .06
    Religious..................      9           5               .12
    Educational................      7           5               .10
    Hospital and institutional.      6           5               .07
    Miscellaneous buildings....      7           4               .09
Public construction............      2           1               .03
  Housing and redevelopment....      8           4               .11
  Industrial...................   (NA)        (NA)              (NA)
  Educational..................      3           2               .04
  Hospital.....................      6           4               .08
  Other public buildings.......      3           2               .04
  Highways and streets.........      4           2               .05
  Military facilities..........   (NA)        (NA)              (NA)
  Conservation and development.      4           2               .06
  Sewer systems................      6           3               .08
  Water supply facilities......      8           3               .11
  Miscellaneous public.........      8           4               .11
(NA) Not available.
Note:  All statistics are based upon 1998 data.  The coefficient (k)
for the month-to-month change is applicable to change from the previous
month and change from the same month a year ago.
---------------------------------------------------------------------------

 

 

 
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Last modified: March 17, 2001

Published By Tulips and Bears LLC