Keeping you up to date on the latest data releases.
In February, for the third straight month, private construction spending declined and now stands 10.8 percent below its February 2010 level. After declining in December and January, nonresidential construction registered a small increase in February (+0.9 percent), which was offset by a 3.7 percent decline in residential construction. Residential declines were split pretty evenly between single family homes (−1.7 percent) and multifamily homes (−1.5 percent). On the nonresidential side, seven sectors saw declines over the month while four sectors—transportation, communication, power, and manufacturing—all increased. Manufacturing posted the largest over-the-month increase at 5.6 percent, but the industry is still 30.6 percent below its levels in February of last year. Transportation, which increased 2.0 percent over the month, is the only private construction sector that’s increased over the last 12 months. Spending on transportation is 19.9 percent above its February 2010 levels.