U.S. construction spending ticks up in February
Residential activity buoys private sector as education and highway work both rise.
The U.S. Census Bureau has announced the following value put in place construction statistics for February 2017:
Total Construction
Construction spending during February 2017 was estimated at a seasonally adjusted annual rate of $1,192.8 billion, 0.8 percent (±1.0 percent)* above the revised January estimate of $1,183.8 billion. The February figure is 3.0 percent (±1.5 percent) above the February 2016 estimate of $1,157.7 billion.
During the first 2 months of this year, construction spending amounted to $163.3 billion, 3.0 percent (±1.3 percent) above the $158.5 billion for the same period in 2016.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $917.3 billion, 0.8 percent (± 1.2 percent)* above the revised January estimate of $910.0 billion.
Residential construction was at a seasonally adjusted annual rate of $484.7 billion in February, 1.8 percent (±1.3 percent) above the revised January estimate of $476.1 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $432.7 billion in February, 0.3 percent (± 1.2 percent)* below the revised January estimate of $433.8 billion.
Public Construction
In February, the estimated seasonally adjusted annual rate of public construction spending was $275.5 billion, 0.6 percent (±1.8 percent)* above the revised January estimate of $273.9 billion.
Educational construction was at a seasonally adjusted annual rate of $71.7 billion, 0.5 percent (±2.1 percent)* above the revised January estimate of $71.3 billion.
Highway construction was at a seasonally adjusted annual rate of $88.9 billion, 1.3 percent (±5.6 percent)* above the revised January estimate of $87.7 billion.
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