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February 2023 Construction Spending

April 6, 2023

The U.S. Census Bureau announced construction spending for February 2023 was at a seasonally adjusted annual rate of $1,844 billion, 0.1% below the revised estimate of $1,845 billion in January. Compared to the same period last year, construction spending was up 5.2 %. For the first two months of the year, spending amounted to $260.8 billion, up 5.9% above that same period in 2022.

While private construction spending in February was $1,453 billion, nearly unchanged from the revised January estimate of $1,453 billion, public construction spending was $391 billion, just 0.2% below the revised January estimate of $391.8 billion. However, compared to last year’s period, public construction spending is up 12.8% from February 2022. As a leading contributor, highway construction was strong in February at $120.6 billion, 0.3% above the previous month, and up 18.8% from last year.

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