February 2024 U.S. Construction Spending Trends 10.7% Above Same Month Last Year
Residential construction inches up 0.7% for month.
Total Construction
Construction spending during February 2024 was estimated at a seasonally adjusted annual rate of $2,091.5 billion, 0.3 percent (±0.8 percent)* below the revised January estimate of $2,096.9 billion. The February figure is 10.7 percent (±1.3 percent) above the February 2023 estimate of $1,889.6 billion. During the first two months of this year, construction spending amounted to $298.1 billion, 11.9 percent (±1.3 percent) above the $266.5 billion for the same period in 2023.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,617.1 billion, virtually unchanged from (±0.7 percent)* the revised January estimate of $1,616.8 billion.
Residential construction was at a seasonally adjusted annual rate of $901.1 billion in February, 0.7 percent (±1.3 percent)* above the revised January estimate of $894.5 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $716.0 billion in February, 0.9 percent (±0.7 percent) below the revised January estimate of $722.3 billion.
Public Construction
In February, the estimated seasonally adjusted annual rate of public construction spending was $474.4 billion, 1.2 percent (±1.5 percent)* below the revised January estimate of $480.1 billion.
Educational construction was at a seasonally adjusted annual rate of $100.5 billion, 1.8 percent (±2.0 percent)* below the revised January estimate of $102.3 billion.
Highway construction was at a seasonally adjusted annual rate of $147.3 billion, 1.6 percent (±4.8 percent)* below the revised January estimate of $149.7 billion.
CONTRACTOR SUPPLY MAGAZINE
The April/May 2024 issue of Contractor Supply magazine is here!
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Our cover story, Masters of Fasteners, visits Interstate Screw Corp. of metro Miami, which serves the fastening needs of south Florida, the Caribbean and Central and South America.
Also in this issue,our Industry Updates cover Adhesives, Tapes and Sealants, Anchoring Systems and Safety and PPE.
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