Construction Spending Up Year-Over-Year in February

The U.S. Census Bureau has announced that construction spending during February 2020 was estimated at a seasonally adjusted annual rate of $1,366.7 billion, 1.3% below the revised January estimate of $1,384.5 billion. The February figure is however, 6.0 % above the February 2019 estimate. Spending on private construction was at a seasonally adjusted annual rate of $1,025.8 billion, 1.2% below the revised January estimate. Residential construction was at a seasonally adjusted annual rate of $564.3 billion in February, 0.6% below the revised January estimate of $567.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $461.5 billion in February, 2.0% below the revised January estimate. In February, the estimated seasonally adjusted annual rate of public construction spending was $340.9 billion, 1.5% below the revised January estimate of $345.9 billion. With educational and highway construction all reporting below January’s levels.