U.S. Construction Spending Down Slightly in February

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April 1, 2008

U.S. Construction Spending Down Slightly in February

U.S. construction spending during February 2008 was estimated at a seasonally adjusted annual rate of $1,121.6 billion, 0.3 percent below the revised January estimate of $1,124.8 billion, according to the U.S. Census Bureau of the Department of Commerce. The February figure is 3.5 percent below the February 2007 estimate of $1,162.2 billion.

During the first two months of this year, construction spending amounted to $155.1 billion, 2.6 percent below the $159.3 billion for the same period in 2007.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $826.6 billion, 0.5 percent below the revised January estimate of $831.2 billion. Residential construction was at a seasonally adjusted annual rate of $456.9 billion in February, 0.9 percent below the revised January estimate of $461.1 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $369.7 billion in February, 0.1 percent (±1.1%)* below the revised January estimate of $370.1 billion.

Public Construction

In February, the estimated seasonally adjusted annual rate of public construction spending was $294.9 billion, 0.4 percent above the revised January estimate of $293.7 billion. Educational construction was at a seasonally adjusted annual rate of $85.5 billion, 0.2 percent below the revised January estimate of $85.7 billion.

Highway construction was at a seasonally adjusted annual rate of $78.9 billion, 0.9 percent above the revised January estimate of $78.2 billion.

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