Washington, DC, Apr. 1--Spending on new construction eased in February as residential building slowed, the government said on Thursday.
Total construction spending slid 0.1 percent to a seasonally adjusted annual rate of $921.11 billion from a downwardly revised $922.23 billion in January, the Commerce Department said. It was the second consecutive monthly decline.
Analysts polled by Reuters were expecting no change in the pace of construction spending.
Spending on private residential construction, which has boomed on low mortgage interest rates, fell 0.3 percent to a $499.17 billion pace from a near record $500.51 billion in the previous month. It was the second straight monthly drop after revisions.
In a possible sign of increased business confidence, private nonresidential construction spending rose 1.1 percent to $215.77 billion from $213.40 billion in January on increased outlays to build health care, communications, and transportation facilities.
Public construction spending declined 1.0 percent to the lowest level since April 2002, as building outlays by the federal government tumbled 7.2 percent.
