Despite drops in Nonresidential, Public Construction, AGC economist says, construction stays up for Year to Date.

"A remarkably buoyant residential market kept construction afloat again in March," said Kenneth D. Simonson, chief economist for the Associated General Contractors of America (AGC), the nation's leading construction trade association. "The seasonally adjusted value of construction put in place, as reported today by the Census Bureau, was 1% below the upward-revised February and January figures. The 3-month unadjusted total, as well as the seasonally adjusted March number, climbed roughly 1.5% compared to last year."

Construction in March totaled $868.5 billion seasonally adjusted at annual rates. The gain reflected a rise in private residential construction of 0.1% from February and 11% for the first quarter relative to January-March 2002. The monthly and year-to-date residential gains were shared by single-unit (+0.4%, +14%) and multi-unit housing (+0.3%, +5%).