U.S. Construction continues slide in February
$760.6 billion annual rate is 6.8 percent off February 2010 pace.
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during February 2011 was estimated at a seasonally adjusted annual rate of $760.6 billion, 1.4 percent (±1.4%)* below the revised January estimate of $771.0 billion. The February figure is 6.8 percent (±1.6%) below the February 2010 estimate of $815.8 billion.
During the first 2 months of this year, construction spending amounted to $103.7 billion, 8.2 percent (±1.6%) below the $112.9 billion for the same period in 2010.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $468.0 billion, 1.4 percent (±1.3%) below the revised January estimate of $474.6 billion. Residential construction was at a seasonally adjusted annual rate of $228.5 billion in February, 3.7 percent (±1.3%) below the revised January estimate of $237.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $239.6 billion in February, 0.9 percent (±1.3%)* above the revised January estimate of $237.4 billion.
PUBLIC CONSTRUCTION
In February, the estimated seasonally adjusted annual rate of public construction spending was $292.5 billion, 1.3 percent (±1.9%)* below the revised January estimate of $296.4 billion. Educational construction was at a seasonally adjusted annual rate of $67.1 billion, 3.7 percent (±3.5%) below the revised January estimate of $69.6 billion. Highway construction was at a seasonally adjusted annual rate of $83.8 billion, 0.4 percent (±6.4%)* above the revised January estimate of $83.4 billion.
