Construction Spending Inched Down 0.1% in February

Washington, DC, April 3, 2023-Construction spending during February 2023 was estimated at a seasonally adjusted annual rate of $1,844.1 billion, 0.1% below the revised January estimate of $1,845.4 billion, according to the U.S. Census Bureau.

The February figure is 5.2% above the February 2022 estimate of $1,753.1 billion. During the first two months of this year, construction spending amounted to $260.8 billion, 5.9% above the $246.1 billion for the same period in 2022.

Spending on private construction was at a seasonally adjusted annual rate of $1,453.2 billion, virtually unchanged from the revised January estimate of $1,453.6 billion. Residential construction was at a seasonally adjusted annual rate of $852.1 billion in February, 0.6% below the revised January estimate of $857.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $601.0 billion in February, 0.7% above the revised January estimate of $596.7 billion.

In February, the estimated seasonally adjusted annual rate of public construction spending was $391.0 billion, 0.2% below the revised January estimate of $391.8 billion. Educational construction was at a seasonally adjusted annual rate of $84.6 billion, 0.9% below the revised January estimate of $85.4 billion. Highway construction was at a seasonally adjusted annual rate of $120.6 billion, 0.3% above the revised January estimate of $120.3 billion.