The US Census Bureau of the Department of Commerce announced today that construction spending during February 2016 was estimated at a seasonally adjusted annual rate of $1,144.0 billion, 0.5 percent (±1.6 percent) below the revised January estimate of $1,150.1 billion. The February figure is 10.3 percent (±2.1 percent) above the February 2015 estimate of $1,037.5 billion.
During the first 2 months of this year, construction spending amounted to $157.1 billion, 11.2 percent (±1.8 percent) above the $141.3 billion for the same period in 2015.
Spending on private construction was at a seasonally adjusted annual rate of $846.2 billion, 0.1 percent (±1.0 percent) below the revised January estimate of $847.2 billion. Residential construction was at a seasonally adjusted annual rate of $447.9 billion in February, 0.9 percent (±1.3 percent) above the revised January estimate of $443.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $398.3 billion in February, 1.3 percent (±1.0 percent) below the revised January estimate of $403.4 billion.
In February, the estimated seasonally adjusted annual rate of public construction spending was $297.8 billion, 1.7 percent (±3.1 percent) below the revised January estimate of $302.8 billion. Educational construction was at a seasonally adjusted annual rate of $66.4 billion, 4.2 percent (±2.6 percent) below the revised January estimate of $69.3 billion. Highway construction was at a seasonally adjusted annual rate of $99.6 billion, 2.1 percent (±11.5 percent) below the revised January estimate of $101.7 billion.