According to a recent press release by the U.S. Census Bureau of the Department of Commerce, total construction spending for February 2014 was estimated at a seasonally adjusted annual rate of $945.7 billion. This rate is an increase of 0.1 percent from the revised January estimate of $944.6 billion. Compared to a year ago, the February rate is up 8.7 percent from that of the February 2013 rate, which was estimated at $869.9 billion. So far this year, construction spending has totaled $128.0 billion, an increase of 8.9 percent compared to the $117.5 billion for the first two months of 2013.
Private construction spending was estimated at a seasonally adjusted annual rate of $680.0 billion, which is up a slight 0.1 percent from January’s revised estimate of $679.1 billion. Residential construction spending for February was at a seasonally adjusted annual rate of $360.4 billion, down 0.8 percent from the previous month’s revised estimate of $363.2 billion. Nonresidential construction spending for February was estimated at $319.6 billion, up 1.2 percent from January’s revised estimate of $315.8 billion.
Public construction spending was estimated at a seasonally adjusted annual rate of $265.7 billion, up 0.1 percent from January’s revised estimate of $265.5 billion. Educational construction spending for February was at an adjusted rate of $59.5 billion, down 1.2 percent from the revised January estimate of $60.2 billion. Highway construction spending was estimated at an adjusted rate of $85.6 billion for February, increasing by 1.4 percent over January’s revised estimate of $84.5 billion.
For more information, read the complete U.S. Census Bureau of the Department of Commerce Press Release by clicking here.
