WASHINGTON – Construction spending last month rose 0.3 percent to a seasonally adjusted rate of $1.171 trillion per year from January’s rate of $1.168 trillion, but remained 2.4 percent below the February 2006 rate of $1.200 trillion per year, the U.S. Department of Commerce’s Census Bureau reported today.
In the first two months of the year, construction spending nationwide totaled an estimated $159.9 billion, a decline of 2.2 percent from the same period last year.
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Private construction spending last month rose 0.2 percent to an annual rate of $884.4 billion from January’s $882.5 billion per year. Residential construction slipped 0.1 percent to $562.4 billion per year from January’s $567.9 billion, while nonresidential construction increased 2.3 percent to $322.0 billion per year from January’s $324.6 billion rate.
Public construction spending rose 0.4 percent to $286.4 billion per year from January’s 285.2 billion. Educational construction and highway construction both also rose 0.4 percent last month, to $74.5 billion and $78.8 billion per year, respectively.
Additional information is available at www.census.gov/constructionspending.
