Construction Spending Climbs 0.4 Percent
Construction spending climbed 0.4 percent in February to a new high as private and public construction rose to record levels, according to a government report.
Construction spending climbed 0.4 percent in February to a new high as private and public construction rose to record levels, according to a government report.
But the spending gain still missed Wall Street's expectations for a 0.6 percent increase in February.
Construction put in place in February rose to a record $1.047 trillion, compared with a downwardly revised $1.044 trillion annual rate in January, the Commerce Department said. January's reading was revised down to a 0.6 percent increase from the originally reported 0.7 percent gain.
Private nonresidential spending, often seen as an indicator of business confidence, dropped 1.2 percent in February after striking a record high the previous month. February's decline was the largest monthly decrease since January 2004, when it fell 2.6 percent.
Public construction spending rose 1.1 percent to a record $239.9 billion rate. Spending increases in sectors including commercial, educational and highway and street offset declines in transportation, office and conservation and development.
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