Construction Spending Declines in February 2021

The U.S. Census Bureau has announced that total construction spending during February was estimated at a seasonally adjusted annual rate (SAAR) of $1,516.9 billion, -0.8% below the revised January estimate of $1,529.0 billion. The February figure is 5.3% above the February 2020 estimate of $1,441.1 billion. During the first two months of this year, construction spending amounted to $213.2 billion, 4.9% above the $203.2 billion for the same period in 2020. Private construction spending was at a SAAR of $1,165.7 billion, -0.5% below the revised January estimate of $1,171.6 billion. Residential construction was at a SAAR of $717.9 billion in February, -0.2% below the revised January estimate of $719.3 billion. Nonresidential construction was at a SAAR of $447.8 billion in February, -1.0% below the revised January estimate of $452.3 billion. In February the estimated SAAR of public construction spending was $351.2 billion which was -1.7% below the revised January estimate of $357.4 billion. Educational construction was SAAR -3.2% below the revised January estimate. Highway construction was -0.6% below the revised January estimate.