US Construction Spending Rises 0.7% in February

On Tuesday, the US Census Bureau reported that total construction spending during February was estimated at a seasonally adjusted annual rate (SAAR) of $2,195.8 billion, 0.7% above the revised January estimate of $2,179.9 billion.

February’s figure is 2.9% above the February 2024 estimate of $2,133.8 billion. During the first two months of this year, construction spending amounted to $311.1 billion, 2.1% above the $304.8 billion for the same period in 2024.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $1,686.4 billion, 0.9% above the revised January estimate of $1,671.8 billion. Residential construction was at a rate of $928.9 billion, 1.3% above the revised January estimate of $917.1 billion. Nonresidential construction was at a rate of $757.5 billion, 0.4% above the revised January estimate of $754.8 billion.

Public Construction

The estimated seasonally adjusted annual rate of public construction spending was $509.3 billion, 0.2% above the revised January estimate of $508.1 billion. Educational construction was at a rate of $110.8 billion, 0.3% above the revised January estimate of $110.4 billion. Highway construction was at a rate of $147.2 billion, 1.2% above the revised January estimate of $145.4 billion.