Construction Spending Falls 10% Below Last Year in February

Construction spending during February 2009 was estimated at a seasonally adjusted annual rate of $967.5 billion, 0.9% below the revised January estimate of $976.2 billion and 10% percent below the February 2008 estimate of $1,075.3 billion.

During the first two months of this year, construction spending amounted to $135.5 billion, 10.9% below the $152 billion for the same period in 2008.

Spending on private construction was at a seasonally adjusted annual rate of $665.9 billion, 1.6% below the revised January estimate of $676.9 billion. Residential construction was at a seasonally adjusted annual rate of $275.1 billion in February, 4.3% below the revised January estimate of $287.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $390.7 billion in February, 0.3% above the revised January estimate of $389.5 billion.

In February, the estimated seasonally adjusted annual rate of public construction spending was $301.7 billion, 0.8% above the revised January estimate of $299.2 billion. Educational construction was at a seasonally adjusted annual rate of $86.9 billion, 1.7% above the revised January estimate of $85.5 billion. Highway construction was at a seasonally adjusted annual rate of $77.7 billion, 0.5% below the revised January estimate of $78 billion.

Residential construction is off 29.2% from the same period in last year, while nonresidential construction is actually still up 1.3%.

Craig DiLouie

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