US construction spending falls further

US construction spending falls further
Published: 06 April 2010

Construction spending in February was estimated at a seasonally adjusted annual rate of US$846.2bn - 1.3% below the revised January estimate of $857.8bn, the US Commerce Department announced April 1 2010.

The figure is 12.8% below the February 2009 estimate of US$970.4bn.

During the first two months of this year, construction spending amounted to US$116.2bn, 14.4% below the US$135.7bn for the corresponding period in 2009.

Spending on private construction was at a seasonally adjusted annual rate of US$553.5bn - 1.2% below the revised January estimate of US$560.1bn.

Residential construction was at a seasonally adjusted annual rate of US$250.8bn in February, 2.1% below the revised January estimate of US$256.2bn.

Non-residential construction was at a seasonally adjusted annual rate of $302.7bn in February, 0.4% below the revised January estimate of $303.8bn.

The estimated seasonally adjusted annual rate of public construction spending was US$292.7bn in February, 1.7% below the revised January estimate of US$297.7bn.