Construction Spending Up 0.3% in February

Washington, DC, March 30, 2007—Construction spending in February rose by 0.3%, according to a Commerce Department report issued Friday. The report surprised analysts who were expecting a drop in construction spending of 0.6%.

Spending on private residential projects dropped by 1.0 % drop, for its eleventh straight monthly decline. Private nonresidential construction spending rose by 2.3%.  Spending on public construction projects rose by 0.4%.