Construction spending during February was estimated at a seasonally adjusted annual rate of $1,516.9 billion, 5.3% above the February 2020 estimate of $1,441.1 billion but 0.8% below the revised January estimate of $1,529 billion, according to the U.S. Census Bureau.
During the first two months of this year, construction spending amounted to $213.2 billion, 4.9% above the $203.2 billion for the same period in 2020.
Spending on private construction was at a seasonally adjusted annual rate of $1,165.7 billion, 0.5% below the revised January estimate of $1,171.6 billion. Residential construction was at a seasonally adjusted annual rate of $717.9 billion in February, 0.2% below the revised January estimate of $719.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $447.8 billion in February, 1% below the revised January estimate of $452.3 billion.
In February, the estimated seasonally adjusted annual rate of public construction spending was $351.2 billion, 1.7% below the revised January estimate of $357.4 billion. Educational construction was at a seasonally adjusted annual rate of $86.9 billion, 3.2% below the revised January estimate of $89.8 billion. Highway construction was at a seasonally adjusted annual rate of $102.3 billion, 0.6% below the revised January estimate of $103 billion.
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