Construction spending dipped by 0.2 percent in February, pulled down by a sharp drop in government outlays for big public works projects.
The over-the-month decline reported by the Commerce Department Tuesday left the value of all construction projects at a seasonally adjusted annual rate of $872.2 billion, still a brisk level. The modest drop in February came after construction spending rose by a solid 2 percent in January.
February’s performance was better than analysts were expecting and suggested that the residential construction and housing markets continue to be one of the struggling economy’s bright spots.
