US Construction Spending Declines in February for the Second Consecutive Month

February saw an unexpected decline in U.S. construction investment as shortcomings in nonresidential and public projects more than outweighed gains in single-family homebuilding.

The Commerce Department reports that expenditure on construction fell 0.3% following an unrevised 0.2% decrease in January. According to Reuters polled economists, construction spending was expected to increase by 0.7%.

In February, construction spending grew 10.7% compared to the previous year. In February, spending on private construction projects remained constant for the second consecutive month.

After increasing by 0.1% the previous month, residential building investment increased by 0.7%.

Source: Commerce Department, USA