Construction spending during February 2010 was estimated at a seasonally adjusted annual rate of $846.2 billion, 1.3% lower than the revised January 2010 estimate of $857.8 billion and 12.8% below the February 2009 estimate of $970.4 billion, according to new Commerce Department figures. (Note these are estimates and subject to change over the next several months.)

Private residential spending declined 1.2% from $256.2 billion in January 2010 to $250.8 billion in February 2010, which in turn was 3.8% lower than February 2009, when spending was estimated at $260.8 billion.

Nonresidential construction declined 1%% from an estimated $593.8 billion in January 2010 to $587.7 billion in February 2010, which in turn was 16.2% lower than February 2009, when spending was estimated at $701.7 billion. Private nonresidential construction declined 0.4% from $303.8 billion in January 2010 to $302.7 billion in February 2010. Public nonresidential construction declined 1.7% from $290 billion in January 2010 to $285 billion in February 2010. While private nonresidential construction spending in February 2010 was estimated at 24.3% lower than the February 2009 rate, public nonresidential construction was down 5.5% from February 2009.

Craig DiLouie

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