April 1, 2009
Construction spending down in February
Spending on construction in the United States fell in February, the U.S. Commerce Department said Wednesday.
Construction spending fell to a seasonally adjusted annual rate of $967.5 billion, a drop of 0.9 percent from January's revised estimate of $976.2 billion, the report said.Construction spending fell 10 percent from a year ago, the report said.
Private construction, at a seasonally adjusted annual rate of $665.9 billion fell 1.6 percent below January's revised estimate of $676.9 billion, the report said.
Residential private construction fell 4.3 percent in the month with seasonally adjusted annual spending at $275.1 billion.
Non-residential private spending on construction projects rose 0.3 percent on the month to an adjusted annual rate of $390.7 billion.
Public construction rose in February, up 0.8 percent to $301.7 billion.
Educational construction rose 1.7 percent to $86.9 billion, while highway construction outlays fell 0.5 percent to $77.7 billion, the government said.