U.S. Construction Spending Falls 0.3 Percent in February 2008

The U.S. Census Bureau of the Department of Commerce announced today that construction spending during February 2008 was estimated at a seasonally adjusted annual rate of $1,121.6 billion, 0.3 percent (±1.3%)* below the revised January estimate of $1,124.8 billion. The February figure is 3.5 percent (±1.9%) below the February 2007 estimate of $1,162.2 billion.

During the first 2 months of this year, construction spending amounted to $155.1 billion, 2.6 percent (±1.9%) below the $159.3 billion for the same period in 2007.

PRIVATE CONSTRUCTION

Spending on private construction was at a seasonally adjusted annual rate of $826.6 billion, 0.5 percent (±1.1%)* below the revised January estimate of $831.2 billion. Residential construction was at a seasonally adjusted annual rate of $456.9 billion in February, 0.9 percent (±1.3%)* below the revised January estimate of $461.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $369.7 billion in February, 0.1 percent (±1.1%)* below the revised January estimate of $370.1 billion.

PUBLIC CONSTRUCTION

In February, the estimated seasonally adjusted annual rate of public construction spending was $294.9 billion, 0.4 percent (±2.1%)* above the revised January estimate of $293.7 billion. Educational construction was at a seasonally adjusted annual rate of $85.5 billion, 0.2 percent (±3.4%)* below the revised January estimate of $85.7 billion. Highway construction was at a seasonally adjusted annual rate of $78.9 billion, 0.9 percent (±6.7%)* above the revised January estimate of $78.2 billion.