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Construction Spending Rose 5.8% in February

Construction spending rose 5.8 percent in February from estimates last year to reach a seasonally adjusted annual rate of $808.9 billion.

[IMAGE] [COLUMN_BREAK]

The ""Commerce Department"":http://www.commerce.gov/ found Tuesday that figures in February went above estimates from the same month last year but fell 1.1 percent below revised numbers from January.

Private construction expenditures grew to a seasonally adjusted annual rate of $527.3 billion, roughly 0.8 percent below revised estimates of $531.7 billion from January.

Residential construction came close to estimates from January by floating to a seasonally adjusted annual rate of $246.5 billion in February.

Nonresidential construction hovered at a seasonally adjusted annual rate of $280.8 billion in February, or about 1.6 percent below revisions from earlier.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
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