U.S. construction still perked along in February
Total construction spending for the first two months of 2020 rose 8.2 percent YOY.
It will be interesting to see what the numbers for March look like, to say nothing of April, but February wasn't too bad at all. The U.S. Census Bureau announced the following value put in place construction statistics for February 2020:
Total Construction
Construction spending during February 2020 was estimated at a seasonally adjusted annual rate of $1,366.7 billion, 1.3 percent (±0.8 percent) below the revised January estimate of $1,384.5 billion. The February figure is 6.0 percent (±1.2 percent) above the February 2019 estimate of $1,289.0 billion.
During the first two months of this year, construction spending amounted to $193.5 billion, 8.2 percent (±1.2 percent) above the $178.8 billion for the same period in 2019.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,025.8 billion, 1.2 percent (±0.7 percent) 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 percent (±1.3 percent)* 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 percent (±0.7 percent) below the revised January estimate of $471.0 billion.
Public Construction
In February, the estimated seasonally adjusted annual rate of public construction spending was $340.9 billion, 1.5 percent (±1.6 percent)* below the revised January estimate of $345.9 billion.
Educational construction was at a seasonally adjusted annual rate of $79.5 billion, 1.5 percent (±2.6 percent)* below the revised January estimate of $80.7 billion.
Highway construction was at a seasonally adjusted annual rate of $102.4 billion, 1.2 percent (±4.4 percent)* below the revised January estimate of $103.6 billion.
CONTRACTOR SUPPLY MAGAZINE
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