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February Construction Spending Lower Than January


The U.S. Census Bureau of the Department of Commerce reports that construction spending during February was estimated at a seasonally adjusted annual rate of $760.6 billion, 1.4 percent (±1.4 percent) below the revised January estimate of $771.0 billion. The February figure is 6.8 percent (±1.6 percent) below the February 2010 estimate of $815.8 billion.

During the first 2 months of this year, construction spending amounted to $103.7 billion, 8.2 percent (±1.6 percent) below the $112.9 billion for the same period in 2010.

In February, the estimated seasonally adjusted annual rate of public construction spending was $292.5 billion, 1.3 percent (±1.9 percent) below the revised January estimate of $296.4 billion. Educational construction was at a seasonally adjusted annual rate of $67.1 billion, 3.7 percent (±3.5 percent) below the revised January estimate of $69.6 billion. Highway construction was at a seasonally adjusted annual rate of $83.8 billion, 0.4 percent (±6.4 percent) above the revised January estimate of $83.4 billion.

Spending on private construction was at a seasonally adjusted annual rate of $468.0 billion, 1.4 percent (±1.3 percent) below the revised January estimate of $474.6 billion. Residential construction was at a seasonally adjusted annual rate of $228.5 billion in February, 3.7 percent (±1.3 percent) below the revised January estimate of $237.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $239.6 billion in February, 0.9 percent (±1.3 percent) above the revised January estimate of $237.4 billion.