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February Construction Spending Rises


The U.S. Census Bureau of the Department of Commerce announced that construction spending during February 2013 was estimated at a seasonally adjusted annual rate of $885.1 billion, 1.2 percent above the revised January estimate of $874.8 billion.

The February figure is 7.9 percent above the February 2012 estimate of $820.7 billion. During the first 2 months of this year, construction spending amounted to $120.1 billion, 6.6 percent above the $112.6 billion for the same period in 2012.

Public Construction: In February, the estimated seasonally adjusted annual rate of public construction spending was $272.1 billion, 0.9 percent above the revised January estimate of $269.6 billion. Highway construction was at a seasonally adjusted annual rate of $81.4 billion, 3.4 percent above the revised January estimate of $78.7 billion, and 5.1 percent higher than February 2012.

Private Construction: Spending on private construction was at a seasonally adjusted annual rate of $613.0 billion, 1.3 percent above the revised January estimate of $605.2 billion and 12.6 percent more than a year ago.

This was led by single family homes, which posted a gain of 4.3 percent, surging 34.1 percent from February 2012.

Nonresidential construction was at a seasonally adjusted annual rate of $309.6 billion in February, 0.4 percent above the revised January estimate of $308.3 billion. Lodging, followed by healthcare construction, posted the biggest increases, up 4.8 percent and 3.1 percent, respectively. Private educational facilities also rose, posting a 2.7 percent advance.