Construction spending during February 2023 was estimated at a seasonally adjusted annual rate of $1,844.1 billion, 0.1 percent below the upwardly revised January estimate of $1,845.4 billion. The February figure is 5.2 percent above the February 2022 estimate of $1,753.1 billion. During the first two months of this year, construction spending amounted to $260.8 billion, 5.9 percent above the $246.1 billion for the same period in 2022.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,453.2 billion, virtually unchanged from the revised January estimate of $1,453.6 billion. Residential construction was at a seasonally adjusted annual rate of $852.1 billion in February, 0.6 percent below the revised January estimate of $857.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $601.0 billion in February, 0.7 percent above the revised January estimate of $596.7 billion.
Public Construction
Public Construction In February, the estimated seasonally adjusted annual rate of public construction spending was $391.0 billion, 0.2 percent below the revised January estimate of $391.8 billion. Educational construction was at a seasonally adjusted annual rate of $84.6 billion, 0.9 percent below the revised January estimate of $85.4 billion. Highway construction was at a seasonally adjusted annual rate of $120.6 billion, 0.3 percent above the revised January estimate of $120.3 billion.
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