Construction Spending Hits All-Time High in February
But materials costs continue to rise
April 10, 2006
Construction spending in February 2006 was estimated at a seasonally adjusted annual rate of $1,185.4 billion, 0.8 percent above the revised January estimate of $1,176.0 billion. The February figure is 7.4 percent above the February 2005 estimate of $1,103.6 billion.
February spending was a record.
During the first two months of the year, construction spending amounted to $161.5 billion, 8.5 percent above the $149 billion for the same period in 2005.
For the first time since 2001, private nonresidential construction led spending in the first two months of the year with a 9.6 percent increase from last year. Private residential construction was 7.1 percent higher, and public construction increased 6 percent.