US Construction Spending Declines Month-Over-Month but Rises Year-Over-Year in February

On Monday, the US Census Bureau reported that total construction spending during February was estimated at a seasonally adjusted annual rate (SAAR) of $2,091.5 billion, 0.3% below the revised January estimate of $2,096.9 billion. Still, the February figure is 10.7% above the February 2023 estimate of $1,889.6 billion.

During the first two months of 2024, construction spending amounted to $298.1 billion, 11.9% above the $266.5 billion for the same period in 2023.

Private Construction

Private construction spending was at a SAAR of $1,617.1 billion in February, virtually unchanged from the revised January estimate of $1,616.8 billion. Residential construction was at a SAAR of $901.1 billion, 0.7% above the revised January estimate of $894.5 billion. Nonresidential construction was at a SAAR of $716.0 billion, 0.9% below the revised January estimate of $722.3 billion.

Public Construction

The estimated SAAR of public construction spending was $474.4 billion in February, 1.2% below the revised January estimate of $480.1 billion. Educational construction was at a rate of $100.5 billion, 1.8% below the revised January estimate of $102.3 billion. Highway construction was at a SAAR of $147.3 billion, 1.6% below the revised January estimate of $149.7 billion.