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Construction Spending Dips 0.2 Percent in February, Still Solid

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.

TAGS: Ar Syndicate
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