February 2024 U.S. construction spending was at a seasonally adjusted annual rate of $2,091.5 billion, down 0.3% from the January 2024 estimate. However, the February figure was up by 10.7% compared to one year ago.
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Spending on private construction ($1,617.1 billion) was slightly higher than the January estimate ($1,616.8 billion). Residential construction spending was up 0.7%, while nonresidential construction spending was down 0.9%.
Public construction projects came in 1.2% below January, at $474.4 billion. Educational construction was at $100.5 billion, down 1.8% from January. Highway construction reached $147.3 billion, a decrease of 1.6%.
