Residential construction flat in February
Spending on private residential construction barely budged in February 2012 compared to the previous month, rising 0.8% to an annual rate of $527.3 billion, according to figures released by the U.S. Commerce Dept. Nonresidential construction such as hotels, offices, schools and healthcare facilities rose 1.6% to $280.8 billion in February.
Spending on single-family homes in February 2012 declined 1.5% compared to January, but multifamily home construction rose 2.0%.
Spending on roads, power, water, sewage and other infrastructure decreased 1.6% in month-over-month figures.
Although monthly gains were pretty dismal, yearly figures painted a brighter picture. During the first two months of this year, overall construction spending amounted to $111.3 billion, 7.4% above the $103.7 billion for the same period in 2011.