Residential sector shores up construction spending

construction-spending-private-residential-construction-spending-homebuilding-market-census-bureau-homebuildersBy Jann Swanson | Mortgage News Daily

Private spending on residential construction remained in positive territory in February even as overall construction, especially in the public sector, pulled back. The Census Bureau said today that overall spending for all types of construction was at an annual rate of $1.14 trillion during the month, a decline of 0.5 percent from $1.15 trillion in January. Today’s report also revised that January number up from $1.14 trillion, changing the month over month increase from December from 1.5 percent to 2.1 percent.

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