Construction Spending Up 10.7% YOY in February

Washington, DC, April 1, 2024-Construction spending during February 2024 was estimated at a seasonally adjusted annual rate of $2,091.5 billion, 0.3% below the revised January estimate of $2,096.9 billion, according to the U.S. Census Bureau.

The February figure is 10.7% above the February 2023 estimate of $1,889.6 billion. During the first two months of this year, construction spending amounted to $298.1 billion, 11.9% above the $266.5 billion for the same period in 2023.

Spending on private construction was at a seasonally adjusted annual rate of $1,617.1 billion, virtually unchanged from the revised January estimate of $1,616.8 billion. Residential construction was at a seasonally adjusted annual rate of $901.1 billion in February, 0.7% above the revised January estimate of $894.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $716.0 billion in February, 0.9% below the revised January estimate of $722.3 billion.

In February, the estimated seasonally adjusted annual rate of public construction spending was $474.4 billion, 1.2% below the revised January estimate of $480.1 billion. Educational construction was at a seasonally adjusted annual rate of $100.5 billion, 1.8% below the revised January estimate of $102.3 billion. Highway construction was at a seasonally adjusted annual rate of $147.3 billion, 1.6% below the revised January estimate of $149.7 billion.