The US Census Bureau of the Department of Commerce announced Friday that construction spending during February 2011 was at a seasonally adjusted rate of $760.6 billion, 1.4 percent (±1.4 percent) below the January estimate of $771 billion. Construction spending in February is also 6.8 percent below the February 2010 estimate of $815.8 billion.
Spending on private construction was at a seasonally adjusted annual rate of $468.0 billion, 1.4 percent (±1.3 percent) below the revised January estimate of $474.6 billion. Residential construction spending totaled $228.5 billion in February, 3.7 percent (±1.3 percent) below the revised January estimate of $237.2 billion. Nonresidential construction spending fell at a slower rate of 0.9 percent in February and amounted to $239.6 billion.
In February, the estimated seasonally adjusted annual rate of public construction spending was $292.5 billion, 1.3 percent (±1.9 percent) below the revised January estimate of $296.4 billion.