US Construction Spending Falls 0.1% Month-Over-Month in February

On Monday (4-3-23), the US Census Bureau reported that total construction spending during February was estimated at a seasonally adjusted annual rate (SAAR) of $1,844.1 billion, 0.1% below the revised January estimate of $1,845.4 billion. The February figure is 5.2% above the February 2022 estimate of $1,753.1 billion. During the first two months of 2023, construction spending amounted to $260.8 billion, 5.9% above the $246.1 for the same period in 2022.

Private construction spending was at a SAAR of $1,453.2 billion, virtually unchanged from the revised January estimate of $1,453.6 billion. Residential construction was at a SAAR of $852.1 billion in February, 0.6% below the revised January estimate of $857.0 billion. Nonresidential construction was at a SAAR of $601.0 billion in February, 0.7% above the revised January estimate of $596.7 billion.

The estimated seasonally adjusted annual rate of public construction spending was $391.0 billion, 0.2% below the revised January estimate of $391.8 billion. Educational construction was at a seasonally adjusted annual rate of $84.6 billion, 0.9% below the revised January estimate of $85.4 billion. Highway construction was at a SAAR of $120.6 billion, 0.3% above the revised January estimate of $120.3 billion.