Construction spending in February topped year-ago totals by 5.8 percent as a double-digit increase in private construction offset a small drop in public sector spending, according to a new analysis of federal data released today by AGC. The gains occurred despite a 1.1 percent decrease in spending from January to February and a dip of 0.8 percent the month before, based on revised data.
“It is heartening to see that nearly all private residential and nonresidential segments exceeded their February 2011 levels this February and that the decline in public construction has moderated from the steep pace of early last year,” said Ken Simonson, AGC’s chief economist. “The improvement is too widespread to be attributable just to favorable weather comparisons.”
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