Overall construction spending decreased 0.8% in February to $1.52 trillion, the U.S. Census Bureau reports.
Compared with February 2020, overall construction spending increased 5.3%.
The Associated General Contractors of America cited severe weather conditions and a decline in new nonresidential construction projects as the main causes for the month-over-month decline in spending.
“Unfortunately, it will take more than mild weather to help nonresidential contractors overcome the multiple challenges of falling demand for many project types, steeply rising costs, and lengthening or uncertain delivery times for key materials,” AGC Chief Economist Ken Sinmonson said in a statement.
Residential construction spending fell 0.2% during the month, but soared 21.1% compared with February 2020.
The full Census Bureau report can be found here.
