According to the U.S. Census Bureau of the Department of Commerce, total construction spending for February 2016 was estimated at a seasonally adjusted annual rate of $1,144.0 billion. This rate is a decrease of 0.5 percent from the revised January estimate of $1,150.1 billion. Compared to a year ago, the February rate is up 10.3 percent from that of the February 2015 rate, which was estimated at $1,037.5 billion. So far this year, construction spending has totaled $157.1 billion, an increase of 11.2 percent compared to the $141.3 billion for the first two months of 2015.
Private construction spending was estimated at a seasonally adjusted annual rate of $846.2 billion, down a slight 0.1 percent from January’s revised estimate of $847.2 billion. Residential construction spending for February was at a seasonally adjusted annual rate of $447.9 billion, up 0.9 percent from the previous month’s revised estimate of $443.8 billion. Nonresidential construction spending for February was estimated at $398.3 billion, down 1.3 percent from January’s revised estimate of $403.4 billion.
Public construction spending was estimated at a seasonally adjusted annual rate of $297.8 billion, down 1.7 percent from January’s revised estimate of $302.8 billion. Educational construction spending for February was at an adjusted rate of $66.4 billion, down 4.2 percent from the revised January estimate of $69.3 billion. Highway construction spending was estimated at an adjusted rate of $99.6 billion for February, decreasing by 2.1 percent from January’s revised estimate of $101.7 billion.
For more information, read the complete U.S. Census Bureau of the Department of Commerce Press Release by clicking here.
