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Financial News: U.S. Construction Spending Rebounds Less Than Expected In

U.S. Construction Spending Rebounds Less Than Expected In February

04/03/2017 - 10:30:00 (RTTNews)

(RTTNews) - After reporting a drop in U.S. construction spending in the previous month, the Commerce Department released a report on Monday showing that construction spending rebounded in the month of February.

The report said construction spending climbed by 0.8 percent to an annual rate of $1.193 trillion in February after falling by 0.4 percent to a revised $1.184 trillion in January.

Economists had expected spending to jump by 1.0 percent compared to the 1.0 percent slump originally reported for the previous month.

The rebound in construction spending came as spending on private construction increased by 0.8 percent to an annual rate of $917.3 billion in February from a revised $910.0 billion in January.

Spending on residential construction surged up by 1.8 percent to $484.7 billion in February, while spending on non-residential construction fell by 0.3 percent to $432.7 billion.

The report said spending on public construction also rose by 0.6 percent to $275.5 billion in February from $273.9 billion in January.

Spending on education construction climbed by 0.5 percent to $71.7 billion in February, and spending on highway construction spiked by 1.3 percent to $88.9 billion.

The Commerce Department said total construction spending in February was up by 3.0 percent compared to the same month a year ago.

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