Construction spending during February 2020 was estimated at a seasonally adjusted annual rate of $1,366.7 billion, 1.3% below the revised January estimate of $1,384.5 billion but 6.0% above the February 2019 estimate of $1,289.0 billion, the Census Bureau reported Wednesday.
During the first two months of this year, construction spending amounted to $193.5 billion, 8.2% above the $178.8 billion for the same period in 2019.
Spending on private construction was at a seasonally adjusted annual rate of $1,025.8 billion, 1.2% below the revised January estimate of $1,038.5 billion. Residential construction was at a seasonally adjusted annual rate of $564.3 billion in February, 0.6% below the revised January estimate of $567.6 billion. However, single-family spending was up 3.9% sequentially and 16.1% from February, 2019.
Nonresidential construction was at a seasonally adjusted annual rate of $461.5 billion in February, 2.0% below the revised January estimate of $471.0 billion.
In February, the estimated seasonally adjusted annual rate of public construction spending was $340.9 billion, 1.5% below the revised January estimate of $345.9 billion. Educational construction was at a seasonally adjusted annual rate of $79.5 billion, 1.5% below the revised January estimate of $80.7 billion. Highway construction was at a seasonally adjusted annual rate of $102.4 billion, 1.2% below the revised January estimate of $103.6 billion.
