Construction Spending Fell 0.5 Percent in February

Construction spending fell 0.5 percent in February to $1,144.0 billion (SAAR). January’s spending estimate was revised up to $1,037.5 billion. During the first two months of the year, construction spending amounted to $157.1 billion, 11.2 percent higher than in the first two months of 2015.

Total private construction fell to a rate of $846.2 billion, 0.1 percent below January’s estimate of $847.2 billion.

Private residential construction rose 0.9 percent to a seasonally adjusted annual rate of $447.9 billion in February.

Private nonresidential construction fell 1.3 percent to a rate of $398.3 billion, as construction related to communications and manufacturing fell.

Public construction fell 1.7 percent to a rate of $297.8 billion, largely due to a 4.2 percent fall in educational construction. Highway construction also fell by 2.1 percent during the month.

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Danielle Hall

Danielle Hall is an economic research manager at ABA.