U.S. Construction Annual Spend Rate at $809 Billion in February

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According to the U.S. Census Bureau of the Department of Commerce, construction spending in the U.S. during February 2012 was estimated at a seasonally adjusted annual rate of $808.9 billion, 1.1 percent (±1.3%) below the revised January estimate of $818.1 billion. The February figure is 5.8 percent (±1.8%) above the February 2011 estimate of $764.2 billion.

During the first 2 months of this year, construction spending amounted to $111.3 billion, 7.4 percent (±1.6%) above the $103.7 billion for the same period in 2011.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $527.3 billion, 0.8 percent (±1.1%) below the revised January estimate of $531.7 billion. Residential construction was at a seasonally adjusted annual rate of $246.5 billion in February, nearly the same as (±1.3%) the revised January estimate of $246.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $280.8 billion in February, 1.6 percent (±1.1%) below the revised January estimate of $285.3 billion.

Public Construction

In February, the estimated seasonally adjusted annual rate of public construction spending was $281.6 billion, 1.7 percent (±1.8%) below the revised January estimate of $286.4 billion. Educational construction was at a seasonally adjusted annual rate of $69.4 billion, 2.5 percent (±3.5%) below the revised January estimate of $71.2 billion. Highway construction was at a seasonally adjusted annual rate of $79.4 billion, 2.6 percent (±5.1%) below the revised January estimate of $81.5 billion.