Construction Spending Down in February

Residential construction spending was down in February according to the Commerce Department. Spending was down in most sectors, but highway construction projects increased by 0.9 percent from January’s figures.

Construction spending during February was estimated at a seasonally adjusted annual rate of $1.121 trillion, according to the Commerce Department. February’s figures are 0.3 percent below the revised January estimate of $1.125 trillion and 3.5 percent below February 2007.

During the first two months of this year, construction spending amounted to $155.1 billion, 2.6 percent below the $159.3 billion for the same period in 2007.

Spending on private construction was at a seasonally adjusted annual rate of $826.6 billion, 0.5 percent below the revised January estimate of $831.2 billion. Residential construction was at a seasonally adjusted annual rate of $456.9 billion in February, 0.9 percent below the revised January estimate of $461.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $369,7 billion in February, 0.1 percent below the revised January estimate of $370.1 billion.

In February, the estimate seasonally adjusted annual rate of public construction spending was $294.9 billion, 0.4 percent above the revised January estimate of $293.7 billion. Educational construction was at a seasonally adjusted annual rate of $85.5 billion, 0.2 percent below the revised January estimate of $85.7 billion. Highway construction was at a seasonally adjusted annual rate of $78.9 billion, 0.9 percent above the revised January estimate if $78.2 billion.