Total U.S. construction spending in February was estimated at a seasonally-adjusted rate of $2.091.5 trillion — down 0.3% below January’s figure, but up 10.7% year-over-year, according to U.S. Census Bureau data released April 1. Construction spending during the first two months of the year was up 11.9% year-over-year.
The monthly February decrease followed 0.2% decrease in January. The December to January construction spending total was narrowly revised.
Private Construction
February spending on private construction was at a seasonally-adjusted annual rate of $1.617 trillion — virtually unchanged from the revised January estimate. Residential construction was at a rate of $901.1 billion, up 0.7% from January’s revised figure, while nonresidential construction’s rate of $716.0 billion was down 0.9% month-to-month.
Public Construction
February spending on public construction was at a seasonally-adjusted annual rate of $474.4 billion — down 1.2% from January’s revised figure. Educational construction was at a rate of $100.5 billion — 1.8% below January, while highway construction’s rate of $147.3 billion was down 1.6%.
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November spending was 0.4% above October's figure, which was revised considerably higher.
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The value of 2023 total construction was up 7.0% from 2022.
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Annually, however, January’s figure was up 11.7%.
