Total construction spending in February 2023 was down 0.1% from the revised January estimate, according to the U.S. Census Bureau. Spending in February was up 5.2% from the prior-year period. Spending in the first two months of 2023 totaled $260.8 billion, up 5.9% from the prior-year period.
Private construction spending was virtually unchanged from January. Residential construction was down 0.6% from January. Nonresidential construction was 0.7% above January.
The estimated seasonally adjusted annual rate of public construction spending in February 2023 was 0.2% below January. Educational construction was down 0.9% from January. Highway construction was up 0.3% from January.