U.S. construction spending rises less than expected in FebruaryStaff Writer | April 3, 2018
A report released by the Commerce Department on Monday showed a much smaller than expected increase in U.S. construction spending in the month of February.
America Spending on residential construction edged up
The uptick in construction spending was primarily due to an increase in spending on private construction, which rose by 0.7% to a rate of $982.0 billion in February from $974.8 billion in January.
Spending on residential construction edged up by 0.1% to a rate of $533.4 billion, while spending on non-residential construction jumped by 1.5% to a rate of $448.6 billion.
On the other hand, the report said spending on public construction plunged by 2.1% to a rate of $291.1 billion in February from $297.4 billion in January.
The Commerce Department said spending on educational construction fell by 0.5% to a rate of $74.6 billion and spending on highway construction dipped by 0.2% to a rate of $88.5 billion.
During the first two months of the year, construction spending amounted to $176.3 billion, 4.4% above the $168.9 billion in the same period in 2017. ■