U.S. Construction Spending Continued to Fall in February

(CEP News) - Construction spending in the United States continued to decline in February, falling by 0.9% month-over-month, according to the U.S. Department of Commerce.

The consensus had forecast a 1.9% decline. The total construction figure for January was revised downward to -3.5% from -3.3%.

Residential construction fell by 4.1%, a further drop from January’s 3.5% decline, while non-residential construction rose 0.5%, after a 3.6% decline the prior month.

The report also noted a 1.6% decline in private construction and a 0.8% increase in public construction, which came in at -4.0% and -2.4% in January respectively.

By Erik Kevin Franco, efranco@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca

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Posted in Categories: Economy, Housing, Releases, USA.