Total construction spending declined 0.1% month-over-month in February to $1.84 trillion, the U.S. Census Bureau announced. Compared with February 2022, construction spending was up 5.2%.
Spending for private residential construction declined for the ninth consecutive month in February, falling 0.6% month-over-month and 5.7% year-over-year. Nonresidential construction spending increased 0.4% month-over-month and 16.8% year-over-year.
“Continued strong demand for manufacturing plants and data centers, along with an increase in power projects, contributed to the increase in private nonresidential construction,” stated Ken Simonson, chief economist for the Associated General Contractors of America. “Those segments appear likely to keep growing for many months to come.”
The full AGC report can be found here.
