U.S. Construction Spending Up 0.3 Percent

U.S. construction spending rose an unexpected 0.3 percent at a seasonally adjusted annual $1.171 trillion, the U.S. Commerce Department said Friday.

The increase was the biggest since March 2006, when construction spending rose 1 percent.

Private non-residential construction increased 2.3 percent, the most since August 2006′s 3 percent increase.

Public construction rose 0.4 percent, including a 2.4 increase for office projects and a 2.1 percent increase for healthcare projects.

But February’s private residential construction spending fell 1 percent to an annual rate of $562.4 billion, the 11th straight monthly decline. It fell 1.7 percent in January.

Federal construction spending fell 1.8 percent, the department said.

The department revised December’s drop in total construction spending to 0.5 percent from 0.8 percent.