Construction spending during February 2018 was estimated at a seasonally adjusted annual rate of $1,273.1 billion, +0.1% above the revised January estimate of $1,272.2 billion, according to the U.S. Commerce Dept. The February figure is +3% above the February 2017 estimate of $1,235.7 billion. During the first two months of this year, construction spending amounted to $176.3 billion, +4.4% above the $168.9 billion for the same period in 2017.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $982.0 billion, +0.7% above the revised January estimate of $974.8 billion. Residential construction was at a seasonally adjusted annual rate of $533.4 billion in February, +0.1% above the revised January estimate of $532.9 billion. Office construction surged in February, increasing +6.5% to $64.4 billion. It was also one of the stronger categories on a year-over-year basis with a 2.1% increase. Electric power construction continued to disappoint with a meager +0.4% increase to $67.4 billion for the month that was down -10.6% on a YOY basis.
Public construction. In February, the estimated seasonally adjusted annual rate of public construction spending was $291.1 billion, -2.1% below the revised January estimate of $297.4 billion. Educational construction was at a seasonally adjusted annual rate of $74.6 billion, -0.5% below the revised January estimate of $75.0 billion.
Public construction categories have gotten off to a slow start this year, as all individual categories showed at least some declines in February.