Construction Spending February Report

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USConcrustionspending

Construction Outlays Advance in February 

  • Total construction spending increased 0.1 percent in February, as gains in private spending offset the decline in public spending which is a reversal from what occurred in January.
  • The winter months are tough time to asses building activity. On a year-to-date basis, total construction are up 4.4 percent through February. Public outlays are 7 percent higher than the same period in 2017 and private are up 3.7 percent.

Nonresidentialconstructionspending

ResidentialConstruction

Private Construction Catches Up in February

  • Private construction rose 0.7 percent in February after a decline of the same magnitude in January. Year-to-date spending is higher for private single family residential projects and commercial and transportation nonresidential projects, but lower for power and manufacturing.
  • Despite February’s decline, public outlays are up on a year-to-date basis for all categories expect roads, power, and recreation.

privateconstrucgtionshpending

Total Construction spending during February 2018 was estimated at a seasonally adjusted annual rate of $1,273.1 billion, 0.1 percent (±1.2 percent)* above the revised January estimate of $1,272.2 billion. The February figure is 3.0 percent (±1.5 percent) 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 percent (±1.3 percent) 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 percent (±1.6 percent)* 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 percent (±1.3 percent)* above the revised January estimate of $532.9 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $448.6 billion in February, 1.5 percent (±1.6 percent)* above the revised January estimate of $441.9 billion. Public Construction In February, the estimated seasonally adjusted annual rate of public construction spending was $291.1 billion, 2.1 percent (±1.6 percent) below the revised January estimate of $297.4 billion.

Educational construction was at a seasonally adjusted annual rate of $74.6 billion, 0.5 percent (±2.6 percent)* below the revised January estimate of $75.0 billion. Highway construction was at a seasonally adjusted annual rate of $88.5 billion, 0.2 percent (±5.4 percent)* below the revised January estimate of $88.7 billion.

Source: 

U.S. Census Bureau

Wells Fargo Economic Group

-R.W.N II

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