The US Census Bureau of the Department of Commerce announced Tuesday that construction spending during February 2014 was estimated at a seasonally adjusted annual rate of $945.7 billion, 0.1 percent (±1.3 percent) above the revised January estimate of $944.6 billion. The February figure is 8.7 percent (±1.6 percent) above the February 2013 estimate of $869.9 billion. During the first 2 months of this year, construction spending amounted to $128.0 billion, 8.9 percent (±1.6 percent) above the $117.5 billion for the same period in 2013.
Spending on private construction was at a seasonally adjusted annual rate of $680.0 billion, 0.1 percent (±1.0 percent) above the revised January estimate of $679.1 billion. Residential construction was at a seasonally adjusted annual rate of $360.4 billion in February, 0.8 percent (±1.3 percent)* below the revised January estimate of $363.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $319.6 billion in February, 1.2 percent (±1.0 percent) above the revised January estimate of $315.8 billion.
In February, the estimated seasonally adjusted annual rate of public construction spending was $265.7 billion, 0.1 percent (±2.1 percent) above the revised January estimate of $265.5 billion. Educational construction was at a seasonally adjusted annual rate of $59.5 billion, 1.2 percent (±4.9 percent) below the revised January estimate of $60.2 billion. Highway construction was at a seasonally adjusted annual rate of $85.6 billion, 1.4 percent (±5.4 percent) above the revised January estimate of $84.5 billion.