Posted To: MND NewsWire

Construction spending, public and private, was at a seasonally adjusted annual rate of $1.517 trillion in February. The U.S. Census Bureau said this was down 0.8 percent from the January rate of $1.529 trillion but was 5.3 percent higher than spending in February 2020. On a non-adjusted basis there was a total of $105.612 billion worth of construction put in place during the month, nearly half of which was spent in the residential sector. For the year-to-date (YTD) overall spending has totaled $213.204 billion, a 4.9 percent increase over the $203.215 billion spent during the first two months of 2020. Privately funded construction was at a seasonally adjusted annual rate of $1.166 trillion, down 0.5 percent month-over-month from $1.172 trillion in January. Spending was 7.1 percent above the…(read more)

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Source: Mortgage News Daily