Industry News

Residential real estate construction spending hits record

Total construction spend on $1.2 trillion pace for '06

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Residential construction spending increased for the eighth straight month in February, reaching $665.7 million, the U.S. Census Bureau announced today. Residential spending was up 1.3 percent from the revised January estimate and 7.1 percent from February 2005 residential spending. Overall U.S. construction spending during February 2006 was estimated at a seasonally adjusted annual rate of about $1.19 trillion, or 0.8 percent above the revised January estimate. The February figure is 7.4 percent above the February 2005 estimate. The seasonally adjusted annual rate represents a projection of a monthly total over a 12-month period, accounting for seasonal fluctuations in construction activity. During the first two months of this year, construction spending amounted to about $161.5 billion, which is 8.5 percent above the $149 billion for the same period in 2005. Spending on private construction was at a seasonally adjusted annual rate of about $931 billion, or 1.2 percent above the revi...