Industry News

Real estate construction spending slips

Annualized rate falls $1.1 billion in February

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Construction spending on housing put in place during February was estimated at a seasonally adjusted annual rate of $921.1 billion, approximately 0.1 percent below the revised January estimate of $922.2 billion, according to the U.S. Commerce Department's Census Bureau. The February figure is approximately 5.1 percent above the February 2003 estimate of $876.5 billion. During the first two months of this year, construction spending amounted to $126.3 billion, approximately 5.4 percent above the $119.8 billion for the same period in 2003. Spending on private construction was at a rate of $714.9 billion, approximately 0.1 percent above the revised January estimate of $713.9 billion. Residential construction spending was at a seasonally adjusted annual rate of $499.2 billion in February, approximately 0.3 percent below the revised January estimate of $500.5 billion. *** Send a Letter to the Editor for publication.Send a comment or news tip to our newsroom. Please include the h...