Construction spending climbed 0.1% month-over-month in February, beating expectations for it to stay flat.
January’s reading was revised down to reflect a 0.2% decline, from an initial reading of a 0.1% rise.
Residential construction was down 0.7% on the month. Private residential construction spending was down 0.8% and public residential construction spending was up 5.1%.
Homebuilder confidence has been disappointing, now sitting at 47 showing that more builders view conditions as poor than good. Meanwhile, new home sales fell 3.3% in February and the slowdown was attributed to the extreme cold weather.