On Monday, the U.S. Census Bureau reported that construction spending during February 2023 was at an annual rate of $1,844.1 billion, 0.1% below the revised January estimate of $1,845.4 billion.

  • The February figure is 5.2% above the February 2022 estimate of $1,753.1 billion.
  • During the first two months of this year, construction spending amounted to $260.8 billion, 5.9% above the $246.1 billion for the same period in 2022.

Private Construction

  • Spending on private construction was at a seasonally adjusted annual rate of $1,453.2 billion, virtually unchanged from the revised January estimate of $1,453.6 billion.
  • Residential construction was at a seasonally adjusted annual rate of $852.1 billion in February, 0.6% below the revised January estimate of $857.0 billion.
  • Nonresidential construction was at a seasonally adjusted annual rate of $601.0 billion in February, 0.7% above the revised January estimate of $596.7 billion.

Public Construction

  • In February, the estimated seasonally adjusted annual rate of public construction spending was $391.0 billion, 0.2% below the revised January estimate of $391.8 billion.
  • Educational construction was at a seasonally adjusted annual rate of $84.6 billion, 0.9% below the revised January estimate of $85.4 billion.
  • Highway construction was at a seasonally adjusted annual rate of $120.6 billion, 0.3% above the revised January estimate of $120.3 billion.


Construction Spending Over 20 Years

More Data Later This Week

More economic data will be released later this week, including the ADP Employment Report, MBA Mortgage Applications and ISM Services Index on Wednesday; Jobless Claims on Thursday; and Consumer Credit on Friday.

Sources: census.gov