Construction Spending Increases in February

Construction spending in February improved 0.4 percent over January, according to a report issued Friday by the Commerce Department. The report also notes that February 2005 construction spending was 10 percent above the same period last year.

During the first two months of this year, construction spending amounted to $143.4 billion, compared to $129.9 billion in 2004.

Spending on private construction was at a seasonally adjusted annual rate of $807.4 billion, 0.1 percent above the revised January estimate of $806.2 billion. Residential construction was reported at a seasonally adjusted annual rate of $578.7 billion in February, 0.7 percent above the revised January estimate of $574.7 billion. Non-residential construction was at a seasonally adjusted annual rate of $228.7 billion in February, 1.2 percent below the revised January estimate of $231.5 billion.

In February, the estimated seasonally adjusted annual rate of public construction spending was $239.9 billion, 1.1 percent above the revised January estimate of $237.3 billion. Educational spending was at a seasonally adjusted annual rate of $64.7 billion, 1.8 percent above the revised January estimate of $63.5 billion. Highway construction was at a seasonally adjusted annual rate of $72.2 billion, 2.5 percent above the revised January estimate of $70.4 billion.