Construction spending in February was estimated at a seasonally adjusted annual rate of $846.2 billion, 1.3% below the revised January estimate of $857.8 billion, according to the U.S. Census Bureau of the Department of Commerce. The February figure is 12.8% below the February 2009 estimate of $970.4 billion.
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During the first two months of this year, construction spending amounted to $116.2 billion, 14.4% below the $135.7 billion for the same period in 2009.
Spending on private construction was at a seasonally adjusted annual rate of $553.5 billion, 1.2% below January. Residential construction was at a seasonally adjusted annual rate of $250.8 billion in February, 2.1% below January.
Nonresidential construction was at a seasonally adjusted annual rate of $302.7 billion in February, 0.4% below January.
In February, the estimated seasonally adjusted annual rate of public construction spending was $292.7 billion, 1.7% below January. Educational construction was at a seasonally adjusted annual rate of $77.5 billion, 0.8% below January. Highway construction was at a seasonally adjusted annual rate of $79.8 billion, 2.1% below January estimate.
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