Total Construction Spending Up 1%, Mostly Thanks to Public Sector

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Posted To: MND NewsWire

Total construction spending rose in February however the increase was almost totally in the publicly funded sector. The Census Bureau said total spending was up 1.0 percent from January to a seasonally adjusted rate of $1.320 trillion compared to $1.307 trillion in January and was 1.1 percent higher than the rate in February 2018. Privately funded spending , at a rate of $994.546 billion, represented only a 0.2 percent gain over the $992.961 billion rate in January and fell 1.9 percent year-over-year. In contrast the much smaller part of the industry represented by public spending jumped 3.6 percent from January and 11.5 percent year over year. On a non-adjusted basis there was $91.821 billion spent on construction during the month compared to $90.047 billion in January. On a year-to-date basis…(read more)

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