The 2020 Mid-Year Economic Update_long

Construction Spending Decreased in February

During the first two months of this year, construction spending amounted to $193.5 billion, 8.2% above the $178.8 billion for the same period in 2019.
New home under construction with wood, trusses and supplies against blue sky

Construction spending during February 2020 was estimated at a seasonally adjusted annual rate of $1,366.7 billion, 1.3% below the revised January estimate of $1,384.5 billion. The February figure is 6% above the February 2019 estimate of $1,289 billion. During the first two months of this year, construction spending amounted to $193.5 billion, 8.2% above the $178.8 billion for the same period in 2019, according to new data from the U.S. Census Bureau.

Spending on private construction was at a seasonally adjusted annual rate of $1,025.8 billion, 1.2% below the revised January estimate of $1,038.5 billion. Residential construction was at a seasonally adjusted annual rate of $564.3 billion in February, 0.6% below the revised January estimate of $567.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $461.5 billion in February, 2.0% below the revised January estimate of $471 billion.

In February, the estimated seasonally adjusted annual rate of public construction spending was $340.9 billion, 1.5% below the revised January estimate of $345.9 billion. Educational construction was at a seasonally adjusted annual rate of $79.5 billion, 1.5% below the revised January estimate of $80.7 billion. Highway construction was at a seasonally adjusted annual rate of $102.4 billion, 1.2% below the revised January estimate of $103.6 billion.

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