According to an Associated Builders and Contractors analysis of U.S. Census Bureau data released today, national nonresidential construction spending rose 1.2% in February. Seasonally adjusted nonresidential spending totaled $773.8 billion, a 4.8% increase over the same time last year.
Private nonresidential spending fell 0.5% for the month and is only up 0.1% on a year-over-year basis. Public nonresidential spending is up 3.7% for the month and an impressive 12.1% for the year. Highway and street (+9.6%), water supply (+5.2%) and sewage and waste disposal (+5%) spending experienced the largest monthly increases in February, while religious (-4%) and transportation (-3.8%) spending experienced the largest decreases.