Residential Construction Spending Up 6.4 Percent Annually

Posted To: MND NewsWire

Spending on residential buildings fared better than overall construction spending in February. The U.S. Census Bureau said on Monday that expenditures for all construction was at a seasonally adjusted annual rate of $1.19 trillion during the month, an 0.8 percent increase from the January estimate of 1.18 trillion (revised from 1.0 trillion). February spending was at a rate 3.0 percent higher than the $1.16 trillion rate in February 2016. On a non-adjusted basis, total spending during the month was $81.78 billion. Over the first two months of 2017 total expenditures totaled $163.2 billion, 3.0 percent year-over-year growth. Analysts polled by Econoday were looking for expenditures to rise by1.0 percent from January although the estimates covered a wide range, from a 0.7 percent decline to a…(read more)

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