Construction spending during February 2011 was estimated at a seasonally adjusted annual rate of $760.6 billion, 1.4 percent below the revised January estimate of $771 billion, according to the Department of Commerce. The February figure is also 6.8 percent below the February 2010 estimate of $815.8 billion.
During the first two months of this year, construction spending amounted to $103.7 billion, 8.2 percent below the $112.9 billion for the same period in 2010.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $468 billion, 1.4 percent below the revised January estimate of $474.6 billion. Residential construction was at a seasonally adjusted annual rate of $228.5 billion in February, 3.7 percent below the revised January estimate of $237.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $239.6 billion in February, 0.9 percent above the revised January estimate of $237.4 billion. Several key market segments for the electrical industry, including the office, educational and manufacturing sectors, were all off at least 20 percent YTY.
Public construction. The estimated seasonally adjusted annual rate of public construction spending was $292.5 billion, 1.3 percent below the revised January estimate of $296.4 billion. Educational construction was at a seasonally adjusted annual rate of $67.1 billion, 3.7 percent below the revised January estimate of $69.6 billion. Highway construction was at a seasonally adjusted annual rate of $83.8 billion, 0.4 percent above the revised January estimate of $83.4 billion.