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U.S. Construction Spending Climbs More Than Expected In February
(RTTNews) - Partly reflecting a jump by spending on residential construction, the Commerce Department released a report on Tuesday showing U.S. construction spending increased by more than expected in the month of February.
The report said construction spending climbed by 0.7 percent to an annual rate of $2.196 trillion in February after falling by 0.5 percent to a revised rate of $2.180 trillion in January.
Economists had expected construction spending to rise by 0.3 percent compared to the 0.2 percent dip originally reported for the previous month.
The Commerce Department said spending on private construction increased by 0.9 percent to an annual rate of $1.686 trillion.
Spending on residential construction led the way higher, surging by 1.3 percent to an annual rate of $928.9 billion, while spending non-residential construction rose by 0.4 percent to an annual rate of $757.5 billion.
Meanwhile, the report said spending on public construction crept up by 0.2 percent to an annual rate of $509.3 billion.
Spending on educational construction climbed by 0.3 percent to an annual rate of $110.8 billion, while spending on highway construction jumped by 1.2 percent to an annual rate of $147.2 billion.
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