Research >> Economics
Construction Spending decreased 0.1% in February 2023
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Total Construction
Construction spending during February 2023 was estimated at a seasonally adjusted annual rate of $1,844.1 billion, 0.1 percent (±0.7 percent)* below the revised January estimate of $1,845.4 billion. The February figure is 5.2 percent (±1.2 percent) above the February 2022 estimate of $1,753.1 billion. During the first two months of this year, construction spending amounted to $260.8 billion, 5.9 percent (±1.2 percent) above the $246.1 billion for the same period in 2022.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,453.2 billion, virtually unchanged from (±0.5 percent)* the revised January estimate of $1,453.6 billion. Residential construction was at a seasonally adjusted annual rate of $852.1 billion in February, 0.6 percent (±1.3 percent)* below the revised January estimate of $857.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $601.0 billion in February, 0.7 percent (±0.5 percent) above the revised January estimate of $596.7 billion.
Public Construction
In February, the estimated seasonally adjusted annual rate of public construction spending was $391.0 billion, 0.2 percent (±1.3 percent)* below the revised January estimate of $391.8 billion. Educational construction was at a seasonally adjusted annual rate of $84.6 billion, 0.9 percent (±2.0 percent)* below the revised January estimate of $85.4 billion. Highway construction was at a seasonally adjusted annual rate of $120.6 billion, 0.3 percent (±4.1 percent)* above the revised January estimate of $120.3 billion.
Posted: April 3, 2023 Monday 10:00 AM