Construction spending higher in February
April 1, 2013
Construction spending in February was at a seasonally adjusted annual rate of $885.1 billion — up 1.2% from January and 7.9% higher than February 2012, according to preliminary estimates released by the U.S. Census Bureau. During the first two months of 2013, construction spending is up 6.6% from the same 2012 period.
Spending on private construction was up 1.3% from January. Residential construction was up 2.2% while nonresidential edged up 0.4%. Public construction spending was up 0.9%. Educational construction dipped 0.3%, while highway construction rose 3.4%.
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