Construction Spending Slips 0.3 Percent in February as Declines in Private and Public Nonresidential Projects Outweigh Growth in Homebuilding

All Categories Post Increases Compared to February 2023, Suggesting Monthly Downturn is Due to Temporary Factors Rather than Cooling Demand for Most Types of Construction Projects

Total construction spending declined from January to February to an annual rate of nearly $2.1 trillion, but all categories posted year-over-year gains, according to an analysis of a new government report that the Associated General Contractors of America released today. Association officials noted, however, that the monthly decline could have been caused by changes in winter weather patterns, including heavy rain and snow in the west, during February.

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