Construction spending in the United States in February was estimated at a seasonally adjusted annual rate of $2,091.5 billion, marking a 0.3% decrease compared to the previous month’s revised rate, the US Census Bureau reported on Monday. On an annual basis, construction spending grew by 10.7% from the same month of 2023.
Private construction spending was at a seasonally adjusted annual rate of $1,617.1 billion, unchanged month on month. Spending on residential construction was up 0.7% compared to December, totaling $901.1 billion. Nonresidential construction spending declined 0.9% compared to the previous month and stood at $716.0 billion in February.
Meanwhile, public construction spending fell 1.2% to $474.4 billion, compared to January’s revised estimate.