By: Kendall Jones on April 1st, 2019

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U.S. Construction Spending Rose 1.0% in February

Industry News | Blog Posts

Construction spending climbed 1.0% in February to a seasonally adjusted annual rate of $1,320.3 billion. January’s estimate was revised up from $1,279.6 billion to $1,307.3 billion. December’s estimate was revised back up from $1,263.1 billion to $1,276.0 billion.

The February estimate for total construction spending is 1.1% higher than a year ago when the February 2018 estimate was $1,305.5 billion. Total construction put in place (CPIP) for the first two months of 2019 totaled $181.9 bill. This is a 1.4% increase over the $179.4 billion spent during January and February of 2018.

In February, total nonresidential construction spending was up 1.2% to a seasonally adjusted annual rate of $773.8 billion. January’s estimate was revised up from $762.5 billion to $764.7 billion. December’s estimate was revised down from $744.6 billion to $742.9 billion. Total nonresidential construction is up 4.8% from a year ago.

Total residential construction was estimated at a seasonally adjusted annual rate of $546.5 billion in February. This is 1.2% above January’s estimate which was revised up from $517.2 billion to $542.6 billion. December’s estimate was revised back up from $518.5 billion to $533.1 billion. Total residential construction spending has decreased by 3.6% from a year ago.

Total private construction spending increased to a seasonally adjusted annual rate of $994.5 billion in February. This is 0.2% above January’s estimate which has been revised up from $966.0 billion to $993.0 billion. December’s estimate was revised back up from $964.2 billion to $978.7 billion. Total private construction spending is down 1.9% from the February 2018 estimate.

During February, private nonresidential construction was at a seasonally annual adjusted rate of $453.6 billion. This is 0.5% below January’s estimate which was revised up from $454.7 billion to $456.0 billion. December’s estimate was revised down from $451.2 billion to $451.1 billion. Private nonresidential construction spending has increased by 0.1% over the same period in 2018.

Private residential construction spending was at a seasonally adjusted annual rate of $540.9 billion in February. This is 0.7% above January’s estimate which was revised up from $511.4 billion to $536.9 billion. December’s estimate was revised up from $512.9 billion to $527.6 billion. February’s annual rate for private residential construction is 3.4% below the February 2018 estimate of $560.2 billion.

The seasonally adjusted annual rate for public construction spending in February was estimated at $325.8 billion. This is 3.6% above January’s estimate which was revised up from $313.6 billion to $314.4 billion. December’s estimate has been revised down from $299.0 billion to $297.3 billion. February’s seasonally adjusted annual rate for public construction spending was up 11.5% from a year ago when the February 2018 estimate was $285.5 billion.