Analysis
May 6, 2021
March CPIP Data Shows Residential Construction Leading the Way
Written by David Schollaert
The construction sector has seen positive, but uneven, growth as it works through the effects of the COVID pandemic. Total construction expenditures in March were $1.513 trillion, up 0.2% from February’s revised estimate of $1.509 trillion, reported the U.S. Census Bureau. Total construction was also up 5.9% compared to a year ago when construction spending was $1.463 trillion. Year-to-date construction spending amounted to $3.283 trillion, 4.5% above the $3.141 trillion for the same period in 2020.
Although total construction spending overall is up year on year, the table below highlights that primary growth is coming from the private sector, specifically residential building, which is up nearly 9% over the past 12 months. Nonresidential spending is down more than 7% over the same period. Total construction expenditures are also shown in Figure 1 on a rolling 12-month basis as the blue line and the rolling three-month year-over-year growth rate as the orange bars
