The U.S. Census Bureau of the Department of Commerce announced that construction spending during February 2013 was estimated at a seasonally adjusted annual rate of $885.1 billion, 1.2 percent (±1.5%) above the revised January estimate of $874.8 billion. The February figure is 7.9 percent (±2.1%) above the February 2012 estimate of $820.7 billion.

During the first 2 months of this year, construction spending amounted to $120.1 billion, 6.6 percent (±1.8%) above the $112.6 billion for the same period in 2012.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $613.0 billion, 1.3 percent (±1.2%) above the revised January estimate of $605.2 billion. Residential construction was at a seasonally adjusted annual rate of $303.4 billion in February, 2.2 percent (±1.3%) above the revised January estimate of $296.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $309.6 billion in February, 0.4 percent (±1.2%)* above the revised January estimate of $308.3 billion.

Public Construction

In February, the estimated seasonally adjusted annual rate of public construction spending was $272.1 billion, 0.9 percent (±2.5%)* above the revised January estimate of $269.6 billion. Educational construction was at a seasonally adjusted annual rate of $63.2 billion, 0.3 percent (±4.8%)* below the revised January estimate of $63.3 billion. Highway construction was at a seasonally adjusted annual rate of $81.4 billion, 3.4 percent (±7.9%)* above the revised January estimate of $78.7 billion.

Read the full U.S. Census Bureau February Construction Spending Report.