Construction spending during Feb. 2010 was estimated at a seasonally adjusted annual rate of $846.2 billion, 1.3 percent below the revised January estimate of $857.8 billion. The February figure is 12.8 percent below the Feb. 2009 estimate of $970.4 billion. During the first two months of this year, construction spending amounted to $116.2 billion, 14.4 percent below the $135.7 billion for the same period in 2009.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $553.5 billion, 1.2 percent below the revised January estimate of $560.1 billion. Residential construction was at a seasonally adjusted annual rate of $250.8 billion in February, 2.1 percent below the revised January estimate of $256.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $302.7 billion in February, 0.4 percent below the revised January estimate of $303.8 billion.
Public construction. In February, the estimated seasonally adjusted annual rate of public construction spending was $292.7 billion, 1.7 percent below the revised January estimate of $297.7 billion. Educational construction was at a seasonally adjusted annual rate of $77.5 billion, 0.8 percent below the revised January estimate of $78.1 billion. Highway construction was at a seasonally adjusted annual rate of $79.8 billion, 2.1 percent below the revised January estimate of $81.4 billion.
Manufacturing was the one category in the private construction sector showing an increase over January. It was up 3.4 percent for the month, but down 34.9 percent from Feb. 2009.