Construction spending still declining

Construction spending during February was estimated by the U.S. Commerce Department at a seasonally adjusted annual rate of $846.2 billion, 1.3% below the revised January estimate of $857.8 billion. The February figure is 12.8% below the February 2009 estimate of $970.4 billion.

During the first two months of this year, construction spending amounted to $116.2 billion, 14.4% below the $135.7 billion for the same period in 2009.

In February, the estimated seasonally adjusted annual rate of public construction spending was $292.7 billion, 1.7% below the revised January estimate of $297.7 billion. Highway construction was at a seasonally adjusted annual rate of $79.8 billion, 2.1% below the revised January estimate of $81.4 billion.

Highway construction spending has now slipped from $90.2 billion in October 2009 to $85.7 billion in November 2009, $82.6 billion in December 2009, $81.4 billion in January and $79.8 billion in February. Those are all seasonally adjusted annual rates.