The U.S. Census Bureau of the Department of Commerce announced earlier this week that construction spending during Feb. 2013 was estimated at a seasonally adjusted annual rate of $885.1 billion, 1.2% above the revised January estimate of $874.8 billion. The February figure is 7.9% above the February 2012 estimate of $820.7 billion. During the first two months of this year, construction spending amounted to $120.1 billion, 6.6% above the $112.6 billion for the same period in 2012.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $613 billion, 1.3% above the revised January estimate of $605.2 billion. Residential construction was at a seasonally adjusted annual rate of $303.4 billion in February, 2.2% above the revised January estimate of $296.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $309.6 billion in February, 0.4% above the revised January estimate of $308.3 billion. Private educational and health-care construction showed the biggest increases, with education showing a 2.7% increase to $17.5 billion and health-care construction registering a 3.1% increase to $30.7 billion.
Public construction. In February, the estimated seasonally adjusted annual rate of public construction spending was $272.1 billion, 0.9% above the revised January estimate of $269.6 billion. Educational construction was at a seasonally adjusted annual rate of $63.2 billion, 0.3% below the revised January estimate of $63.3 billion. Highway construction was at a seasonally adjusted annual rate of $81.4 billion, 3.4% above the revised January estimate of $78.7 billion.
