Figures released by the U.S. Commerce Department today put construction spending during February 2011 at $760.6 billion, 1.4% below last month’s figure. The February estimate is also 6.8% lower than February 2010, which the government estimated at $815.8 billion.
During the first two months of this year, construction spending amounted to $103.7 billion, 8.2% below the $112.9 billion for the same period in 2010.
Spending on private construction dropped 1.4% to $468.0 billion in February 2011, compared with the previous month, with residential construction at a seasonally adjusted annual rate of $228.5 billion in February, 3.7% below January’s estimate. Nonresidential construction declined 0.9% to $239.6 billion.
In February, the adjusted annual rate of public construction spending was $292.5 billion, 1.3% below January’s estimate of $296.4 billion. Educational construction dropped 3.7%, but highway construction rose slightly to 0.4% above January’s estimated spending.