US construction spending increased for a third straight month in February, boosted by gains in both private and public construction projects. Construction spending during February 2019, released Monday by the US Census Bureau, was estimated at a seasonally adjusted annual rate of US$1,320 billion, +1% above the revised January estimate of US$1,307 billion and a nine-month high after an upwardly revised +2.5% surge in January.
Construction spending increased +1.1% on a year-on-year basis in February.
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Spending on private construction was at a seasonally adjusted annual rate of US$995 billion, +0.2% above the revised January estimate of US$993 billion. In February, the estimated seasonally adjusted annual rate of public construction spending was US$326 billion, +3.6% above the revised January estimate of US$314 billion.
On a year-over-year basis, private residential construction spending is down -3%. Non-residential spending is up slightly year-over-year. Public spending is up +1% year-over-year.
— US Census Bureau