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Residential Outlays Dominate Construction Spending
Friday, April 2, 2021
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 rate in February
2020.
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