Monday, April 2, 2012

Construction Spending Fell 1.1% in February

Construction spending fell for the second month in February, dropping 1.1% from the previous month. Despite the consecutive monthly declines, construction spending remains 5.8% above its level from one year ago.

Private construction fell 0.8% in February, but remains 10.2% above year ago levels. Private residential construction held steady in February. Although private residential construction fell slightly in January as well, it displayed strong growth for the 5 months prior. Private nonresidential construction fell by 1.6%, less than the 2.3% it fell in January.

Public construction was the largest drag on construction spending in February, falling 1.7%. Public construction has been a drag all year, and is down 1.4% form a year ago.

Read the report.

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