The U.S. Census Bureau of the Department of Commerce announced today that construction spending during February 2009 was estimated at a seasonally adjusted annual rate of $967.5 billion, 0.9 percent (±1.1%)* below the revised January estimate of $976.2 billion. The February figure is 10.0 percent (±1.6%) below the February 2008 estimate of $1,075.3 billion. During the first two months of this year, construction spending amounted to $135.5 billion, 10.9 percent (±1.6%) below the $152.0 billion for the same period in 2008.

Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $665.9 billion, 1.6 percent (±1.1%) below the revised January estimate of $676.9 billion. Residential construction was at a seasonally adjusted annual rate of $275.1 billion in February, 4.3 percent (±1.3%) below the revised January estimate of $287.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $390.7 billion in February, 0.3 percent (±1.1%)* above the revised January estimate of $389.5 billion.

Public Construction
In February, the estimated seasonally adjusted annual rate of public construction spending was $301.7 billion, 0.8 percent (±1.8%)* above the revised January estimate of $299.2 billion. Educational construction was at a seasonally adjusted annual rate of $86.9 billion, 1.7 percent (±3.0%)* above the revised January estimate of $85.5 billion. Highway construction was at a seasonally adjusted annual rate of $77.7 billion, 0.5 percent (±5.8%)* below the revised January estimate of $78.0 billion.