The Commerce Department said Thursday that private residential construction spending in February was at a seasonally adjusted annual rate of $246.5 billion, nearly the same as the revised January estimate of $246.4 billion.
The Commerce Department said Thursday that private residential construction spending in February was at a seasonally adjusted annual rate of $246.5 billion, nearly the same as the revised January estimate of $246.4 billion.
Overall spending on private construction was at a seasonally adjusted annual rate of $527.3 billion, or 0.8 percent below the revised January estimate of $531.7 billion. And spending on both private and public construction in February reached $808.9 billion, 1.1 percent below the revised January estimate of $818.1 billion.
Bloomberg reported the 1.1 percent decline was the largest in seven months, indicating the building industry will take time to stabilize. Economists surveyed by Bloomberg expected a 0.6 percent increase in spending.