Tags: Construction Spending | economy | building | home

Construction Spending Falls for Second Month in February

Wednesday, 01 April 2015 10:28 AM EDT

U.S. construction spending slipped for the second month in February, pulled down by a drop in single-family home building.

Construction spending fell 0.1 percent in February after a revised 1.7 percent drop in January, the Commerce Department reported Wednesday.

The result in part reflects bitter winter weather that likely constrained construction in many parts of the country during the month. Economists are hopeful for a rebound in the spring and summer as the economy strengthens.

Private spending on construction of single-family homes declined 1.4 percent, while spending on apartments was up 4.1 percent. Nonresidential construction spending rose 0.5 percent, led by a 5.5 percent jump in hotel construction and a 6.8 percent jump in factory construction.

Private economists had expected overall spending to be flat.

Construction spending was up 2.1 percent from February 2014.

The economy added 338,000 construction jobs last year, the most since 2005. Still, damage from the collapse of the housing market lingers: The United States has nearly 1.4 million fewer construction jobs than it had in 2006.

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Economy
U.S. construction spending slipped for the second month in February, pulled down by a drop in single-family home building.
Construction Spending, economy, building, home
171
2015-28-01
Wednesday, 01 April 2015 10:28 AM
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