Total construction spending rose to a seasonally adjusted annual rate of $885.1 billion in February, a 1.2 percent increase compared to the revised January estimate, according to a report released today by the U.S. Census Bureau. Spending on private construction was at an annual rate of $613 billion, 1.3 percent above the rate in January, with the annual rates of residential construction up 2.2 percent and nonresidential construction up 0.4 percent. Public construction spending was also on the rise in February, at a seasonally adjusted annual rate of $272.1 billion, 0.9 percent above the revised January rate.

Meanwhile, sales of new single-family houses were at a seasonally adjusted annual rate of 411,000 in February, down 4.6 percent compared to the revised January rate, according to a joint release from the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau. The median sales price of new houses sold was $246,800 in February, while the average sales price was $313,700.

Link(s): Construction News Release; Home Sales News Release