Government Reports Annualized U.S. Construction Rate at $846.2 Billion

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According to the latest numbers released today from the U.S. Census Bureau of the Department of Commerce, U.S. construction spending during February 2010 was estimated at a seasonally adjusted annual rate of $846.2 billion, 1.3 percent (±1.3%) below the revised January estimate of $857.8 billion. The February figure is 12.8 percent (±1.3%) below the February 2009 estimate of $970.4 billion.

During the first 2 months of this year, construction spending amounted to $116.2 billion, 14.4 percent (±1.3%) below the $135.7 billion for the same period in 2009.

PRIVATE CONSTRUCTION

Spending on private construction was at a seasonally adjusted annual rate of $553.5 billion, 1.2 percent (±1.1%) below the revised January estimate of $560.1 billion. Residential construction was at a seasonally adjusted annual rate of $250.8 billion in February, 2.1 percent (±1.3%) below the revised January estimate of $256.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $302.7 billion in February, 0.4 percent (±1.1%) below the revised January estimate of $303.8 billion.

PUBLIC CONSTRUCTION

In February, the estimated seasonally adjusted annual rate of public construction spending was $292.7 billion, 1.7 percent (±1.9%) below the revised January estimate of $297.7 billion. Educational construction was at a seasonally adjusted annual rate of $77.5 billion, 0.8 percent (±3.0%) below the revised January estimate of $78.1 billion. Highway construction was at a seasonally adjusted annual rate of $79.8 billion, 2.1 percent (±7.4%) below the revised January estimate of $81.4 billion.

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