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Residential Sector Shored up February Construction Spending
Friday, April 1, 2016
Private spending on residential construction remained in positive territory in February even as overall construction, especially in the public sector, pulled back. The Census Bureau said today that overall spending for all types of construction was at an annual rate of $1.14 trillion during the month, a decline of 0.5 percent from $1.15 trillion in January. Today's report also revised that January number up from $1.14 trillion, changing the month over month increase from December from 1.5 percent to 2.1 percent.
February's spending was 10.3 percent higher than a year earlier and year-to-date spending totaled $157.1 billion, 11.2 percent ahead of spending during the first two months of 2015. On an unadjusted basis there was a total of $78.46 billion spent on construction during the month compared to $78.67 billion in January.
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