February Construction Runs 7.9 Percent Ahead of Last Year
Private construction climbs 1.2 percent for month; public runs 0.9 percent up.
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during February 2013 was estimated at a seasonally adjusted annual rate of $885.1 billion, 1.2 percent (± 1.5%) * above the revised January estimate of $874.8 billion. The February figure is 7.9 percent (± 2.1%) above the February 2012 estimate of $820.7 billion.
During the first 2 months of this year, construction spending amounted to $120.1 billion, 6.6 percent (± 1.8%) above the $112.6 billion for the same period in 2012.
Private construction
Spending on private construction was at a seasonally adjusted annual rate of $613.0 billion, 1.3 percent (± 1.2%) above the revised January estimate of $ 605.2 billion.
Residential construction was at a seasonally adjusted annual rate of $303.4 billion in February, 2.2 percent (± 1.3%) above the revised January estimate of $296.9 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $309.6 billion in February, 0.4 percent (± 1.2%)* above the revised January estimate of $308.3 billion.
Public construction
In February, the estimated seasonally adjusted annual rate of public construction spending was $272.1 billion, 0.9 percent (± 2.5%)* above the revised January estimate of $269.6 billion.
Educational construction was at a seasonally adjusted annual rate of $63.2 billion, 0.3 percent (± 4.8%)* below the revised January estimate of $63.3 billion.
Highway construction was at a seasonally adjusted annual rate of $81.4 billion, 3.4 percent (± 7.9%)* above the revised January estimate of $78.7 billion.
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