On Monday, the US Census Bureau reported that construction spending during February 2012 was estimated to be at an adjusted annual rate of $808.9 billion, 1.1 percent below spending in January, but up 5.8 percent from February 2011. During the first two months of this year, construction spending amounted to $111.3 billion, above the $103.7 billion for the same period in 2011.
Both private and public construction spending declined from January to February. Private construction spending totaled $427.3 billion, 0.8 percent below the revised January estimate of $531.7 billion. Residential construction was at a seasonally adjusted annual rate of $246.5 billion in February, nearly the same as the revised January estimate of $246.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $280.8 billion in February, 1.6 percent below the revised January estimate of $285.3 billion.
In February, the estimated seasonally adjusted annual rate of public construction spending was $281.6 billion, 1.7 percent below the revised January estimate of $286.4 billion.