MISS: February Construction Spending Unexpectedly DROPS By 1.1%, January Data Revised Lower

construction

Photo: Concrete Forms via Flickr

February construction spending fell by 1.1 per cent.Economists were looking for an increase of 0.7 per cent.

Even worse, January’s number was revised to a decline of 0.8 per cent, down from a previous read of a decline of 0.1 per cent.  Back then, economists were looking for a gain of 1.0 per cent.

From the press release:

The U.S. Census Bureau of the Department of Commerce announced today that construction spending during February 2012 was estimated at a seasonally adjusted annual rate of $808.9 billion, 1.1 per cent (±1.3%)* below the revised January estimate of $818.1 billion. The February figure is 5.8 per cent (±1.8%) above the February 2011 estimate of $764.2 billion.

During the first 2 months of this year, construction spending amounted to $111.3 billion, 7.4 per cent (±1.6%) above the $103.7 billion for the same period in 2011.

PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $527.3 billion, 0.8 per cent (±1.1%)* below the revised January estimate of $531.7 billion. Residential construction was at a seasonally adjusted annual rate of $246.5 billion in February, nearly the same as (±1.3%)* the revised January estimate of $246.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $280.8 billion in February, 1.6 per cent (±1.1%) below the revised January estimate of $285.3 billion.

PUBLIC CONSTRUCTION
In February, the estimated seasonally adjusted annual rate of public construction spending was $281.6 billion, 1.7 per cent (±1.8%)* below the revised January estimate of $286.4 billion. Educational construction was at a seasonally adjusted annual rate of $69.4 billion, 2.5 per cent (±3.5%)* below the revised January estimate of $71.2 billion. Highway construction was at a seasonally adjusted annual rate of $79.4 billion, 2.6 per cent (±5.1%)* below the revised January estimate of $81.5 billion.

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