Construction Spending Down 0.8% in February

Washington, D.C., April 1, 2021–Construction spending during February 2021 was estimated at a seasonally adjusted annual rate of $1,516.9 billion, 0.8% below the revised January estimate of $1,529.0 billion, according to the U.S. Census Bureau.

The February figure is 5.3% above the February 2020 estimate of $1,441.1 billion.

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, 1.0% 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 $103.0 billion.