US construction spending for February
- Prior month -0.2%
- Construction spending for February -0.3% versus 0.7% expected. Biggest drop since October 2022
- total construction spending came in at $2091.5 billion versus $2096.9 billion in January
- YoY construction spending 10.7%
- For the first two months of the year, +11.9% versus the same 2-month period in 2023
Looking at private and public construction
Private Construction was mixed with residential construction increasing and nonresidential construction decreasing:
- Total spending was approximately $1,617.1 billion, virtually unchanged from January's $1,616.8 billion.
- Residential construction spending increased by 0.7%, reaching $901.1 billion.
- Nonresidential construction spending decreased by 0.9%, totaling $716.0 billion.
Public Construction was weaker:
- Total spending was $474.4 billion, down by 1.2% from January's $480.1 billion.
- Educational construction spending fell by 1.8% to $100.5 billion.
- Highway construction spending decreased by 1.6%, amounting to $147.3 billion
