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US Construction Industry Witnesses Minor Downturn with Private and Public Sectors Displaying Divergent Trends


Published / Modified May 01 2024
Source: U.S. Census Bureau, CSIMarket Team / CSIMarket.com


Construction Activity in the US Sees a Slight Dip in March 2024

The latest economic report indicates that total construction activity in the United States for March 2024 stood at $2,083.9 billion, marking a decrease of 0.2 percent (+/-0.8 percent)n when compared to the revised figures from February 2024, which stood at $2,087.8 billion.

The Department of Commerce has reported a 0.4 percent decline in US construction spending in March 2024.
This decrease can be primarily attributed to the lower residential construction activity during this period.
On a seasonally adjusted basis, outlays for construction projects in the US during March 2024 experienced a decline of 0.4 percent.
However, when compared to the same month from the previous year, construction spending witnessed a significant jump of 13.6 percent, mainly driven by growth in private construction outlays, although it was lower than total construction spending.

Private construction outlays showed a smaller decrease compared to total construction outlays, declining by 1.9 percent on a seasonally adjusted basis.
The construction of private projects, including residential and commercial buildings, experienced a notable increase of 6.8 percent for the year.
Private residential spending is considered an important indicator of wealth, as it reflects the state of the housing sector and whether citizens are actively purchasing new homes.

On the other hand, spending on public construction projects has seen a positive trend despite the decrease in total construction outlays, with an increase of 1.8 percent on a seasonally adjusted basis.
Nonresidential construction was primarily boosted by higher expenditure on commercial buildings, health care facilities, and educational projects.
However, construction spending on office buildings witnessed a decline during this period.
Similar to private construction, public construction outlays also experienced substantial growth, rising by 20.9 percent compared to the same month last year.

In summary, the latest economic report indicates a minor setback in the US construction industry during March 2024.
The decline in construction activity can be mainly attributed to lower residential construction, while public construction spending has bucked the trend with significant growth in various sectors.
The construction industry, a key indicator of economic health, will continue to be closely monitored as it plays a crucial role in overall economic growth and development.









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