Construction spending up 1.2 percent in February
Our sister site, Equipment World, reported this week on a 1.2-percent increase in construction spending in February.
These figures follow a 2.1-percent decrease in January, bringing the seasonally adjusted rate to $885.1 billion. That number up 7.9 percent year-over-year, and Equipment World reports that it is expected to continue to increase.
February home construction was up 2 percent over January, bringing the seasonally adjusted annual rate to a four-year high of $309.5 billion, a 19.2-percent increase from a year ago.
Private residential construction increased by 2.2 percent in February, reaching a seasonally adjusted annual rate of $303.4, the best level since November 2008.
Nonresidential construction increased 0.7 percent in February to a seasonally adjusted annual rate of $575.5 billion.