Calculated Risk blog's Bill McBride reports that overall construction spending decreased 0.5% in February from the month before, according to U.S. Census Bureau data. Construction spending for the month was estimated at a seasonally adjusted rate of $1,144.0 billion. Though down from January, the February rate grew 10.3% year-over-year from February 2015.
Both private and public spending decreased from January, with private decreasing 0.1% to $846.2 billion, and public spending down 1.7% to $297.8 billion. Private residential spending has been increasing and is up 11% on a year-over-year basis, but is 34% below the bubble peak.
Looking forward, all categories of construction spending should increase in 2016. Residential spending is still very low, non-residential is increasing (except oil and gas), and public spending is also increasing after several years of austerity.