The following is the unedited transcript of the news release from the Department of Commerce.


The U.S. Census Bureau of the Department of Commerce announced today that construction spending during March 2008 was estimated at a seasonally adjusted annual rate of $1,123.5 billion, 1.1 percent (±1.4%) below the revised February estimate of $1,136.5 billion. The March figure is 3.4 percent (±1.9%) below the March 2007 estimate of $1,163.6 billion. During the first 3 months of this year, construction spending amounted to $241.6 billion, 2.4 percent (±1.9%) below the $247.4 billion for the same period in 2007.

PRIVATE CONSTRUCTION

Spending on private construction was at a seasonally adjusted annual rate of $827.4 billion, 1.7 percent (±1.4%) below the revised February estimate of $842.0 billion. Residential construction was at a seasonally adjusted annual rate of $445.0 billion in March, 4.6 percent (±1.3%) below the revised February estimate of $466.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $382.3 billion in March, 1.9 percent (±1.4%) above the revised February estimate of $375.3 billion.

PUBLIC CONSTRUCTION

In March, the estimated seasonally adjusted annual rate of public construction spending was $296.2 billion, 0.6 percent (±2.2%) above the revised February estimate of $294.5 billion. Educational construction was at a seasonally adjusted annual rate of $84.1 billion, 0.3 percent (±2.7%) above the revised February estimate of $83.9 billion. Highway construction was at a seasonally adjusted annual rate of $79.7 billion, 0.8 percent (±7.0%) above the revised February estimate of $79.0 billion.


Available at:

http://www.census.gov/const/C30/release.pdf