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Construction spending up nearly 7 percent this year

by thiryj

U.S. construction spending is on the rise.

Through the first two months of the year, spending amounted to $120.1 billion, or 6.6 percent above the same period of 2012, the U.S. Census Bureau said this week.

Private residential construction was $39.1 billion through February, a 20.3 percent increase over the first two months of 2012. New multifamily alone was up nearly 57 percent over last year with about $4.2 billion in spending, the bureau said.

Nonresidential construction, both public and private, was up about 1.3 percent. Private nonresidential came in at $46.4 billion through February, or about 5 percent above the January and February total from a year ago.

Office construction spending in the private sector was $4.4 billion in the first two months compared to $3.6 billion in 2012, the bureau said.

Construction spending during February was estimated at a seasonally adjusted annual rate of $885.1 billion, or 1.2 percent above the revised January estimate, according to the bureau. That also was up 7.9 percent above the February 2012 estimate of $820.7 billion.

Total construction spending in 2012 was $854.5 billion. In 2011, spending was $778.2 billion.

Courtesy of the Central Penn Business Journal. Read the full article here:

Construction spending up nearly 7 percent this year | Central Penn Business Journal.