Construction Spending Up In February

Posted by Orb Staff on April 01, 2013 No Comments
Categories : Residential Mortgage

13564_homebuild_frame Construction Spending Up In February Construction spending during February was estimated at a seasonally adjusted annual rate of $885.1 billion, which is 1.2% above the revised January estimate of $874.8 billion, according to data from the U.S. Census Bureau. The February figure is 7.9% above the February 2012 estimate of $820.7 billion.

During the first two months of this year, construction spending amounted to $120.1 billion, 6.6% above the $112.6 billion for the same period in 2012.

Spending on private construction was at a seasonally adjusted annual rate of $613.0 billion, 1.3% above the revised January estimate of $605.2 billion. Residential construction was at a seasonally adjusted annual rate of $303.4 billion in February, 2.2% above the revised January estimate of $296.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $309.6 billion in February, 0.4% above the revised January estimate of $308.3 billion.

In February, the estimated seasonally adjusted annual rate of public construction spending was $272.1 billion, 0.9% above the revised January estimate of $269.6 billion. Educational construction was at a seasonally adjusted annual rate of $63.2 billion, 0.3% below the revised January estimate of $63.3 billion. Highway construction was at a seasonally adjusted annual rate of $81.4 billion, 3.4% above the revised January estimate of $78.7 billion.

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