Construction spending increased 11.2% year-over-year in February to $1.70 trillion, the Census Bureau reported.
Month-over-month, construction spending increased 0.5%, marking the 12th consecutive month of construction spending increases, according to the Associated General Contractors of America.
Private residential construction spending increased 1.1% in February and 16.6% compared with February 2021, and private nonresidential spending increased 0.2% month-over-month and 9.7% year-over-year. Public construction spending declined 0.4% from January but increased 1.5% compared with February 2021.
The full construction spending report can be found here.
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