Construction spending during February 2024 was estimated at a seasonally adjusted rate of $2,091.5 billion, 0.3% below the revised January estimate of $2,096.9 billion. The February figure is 10.7% above the February 2023 estimate of $1,889.6 billion.
Spending on private construction was at a seasonally adjusted annual rate of $1,617.1 billion, virtually unchanged from the revised January estimate $1,616.8 billion. Residential construction was at a seasonally adjusted annual rate of $901.1 billion in February, 0.7% above the revised January estimate of $894.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $716.0 billion in February, 0.9% below the revised January estimate of $722.3 billion.
In February, the estimated seasonally adjusted annual rate of public construction spending was $474.4 billion, 1.2% below the revised January estimate of $480.1 billion.
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