Wednesday, April 1, 2015

Construction Spending Slowed in February

Construction spending declined 0.1% in February to a seasonally adjusted annual rate of $967.2 billion. January spending was revised down from $971.4 to $967.9 billion. Year-over-year construction spending increased by 2.1%

Total private construction rose to $698.2 billion, a 0.2% increase from January and a 1.8% increase from February of last year.

Private residential construction declined to $349.8 billion, down 0.2% from January and 2.1% from the previous year. The majority of the decline was in single family residential construction, which dropped 1.4% on the month. Multi-family residential construction grew sharply, rising 4.1% on the month and 31.5% over the past year.

Non-residential construction increased 0.5% from January, and 5.9% from one year ago.

Public construction declined 0.8% for the month, but was 3.1% higher than February of last year.

Read the Census Bureau release

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