The U.S. Department of Commerce said construction spending during February 2017 was estimated at a seasonally adjusted annual rate of $1,192.8 billion, 0.8% above the revised January estimate of $1,183.8 billion. The February figure is 3% above the February 2016 estimate of $1,157.7 billion. During the first two months of this year, construction spending amounted to $163.3 billion, 3% above the $158.5 billion for the same period in 2016.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $917.3 billion, 0.8% above the revised January estimate of $910 billion. Residential construction was at a seasonally adjusted annual rate of $484.7 billion in February, 1.8% above the revised January estimate of $476.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $432.7 billion in February, 0.3% below the revised January estimate of $433.8 billion.
The monthly private construction activity in two the largest segments reflected the overall sluggish construction activity, with office and commercial construction both showing monthly changes of less than 1%. However, these two categories were still tracking at double-digit growth rates, year-over year.
Public construction. In February, the estimated seasonally adjusted annual rate of public construction spending was $275.5 billion, 0.6% above the revised January estimate of $273.9 billion. Educational construction was at a seasonally adjusted annual rate of $71.7 billion, 0.5% above the revised January estimate of $71.3 billion.