Real estate construction spending slips

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.