U.S. Construction Spending Rises 1% in January
Construction spending during February 2019 was estimated at a seasonally-adjusted annual rate of $1,320.3 billion, 1% above January. The February number released by the U.S. Census Bureau is 1.1% above the February 2018 estimate of $1,305.5 billion.
During the first two months of this year, construction spending amounted to $181.9 billion, 1.4% above the $179.4 billion for the same period in 2018. The advance was led by a strong gain in spending on government projects, which hit an all-time high.
In February, the estimated seasonally-adjusted annual rate of public construction spending was $325.8 billion, 3.6% above January’s $314.4 billion. Educational construction was at a seasonally-adjusted annual rate of $76.3 billion, 0.8% above January’s estimate of $75.7 billion. Highway construction was at a seasonally-adjusted annual rate of $111.1 billion, 9.5% above January’s $101.5 billion.
Spending on private construction came in at a seasonally-adjusted annual rate of $994.5 billion, 0.2% above January’s $993.0 billion. Residential construction was at a seasonally- adjusted annual rate of $540.9 billion in February, 0.7% above January’s $536.9 billion.
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