February construction spending beats January's estimate
Construction spending during February 2024 was estimated at a seasonally adjusted annual rate of $2,091.5 billion, 0.3% (±0.8%)* below the revised January estimate of $2,096.9 billion. The February figure is 10.7% (±1.3%) above the February 2023 estimate of $1,889.6 billion. During the first two months of this year, construction spending amounted to $298.1 billion, 11.9% (±1.3%) above the $266.5 billion for the same period in 2023.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,617.1 billion, virtually unchanged from (±0.7%)* the revised January estimate of $1,616.8 billion. Residential construction was at a seasonally adjusted annual rate of $901.1 billion in February, 0.7% (±1.3%)* above the revised January estimate of $894.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $716.0 billion in February, 0.9% (±0.7%) below the revised January estimate of $722.3 billion.
Public Construction
In February, the estimated seasonally adjusted annual rate of public construction spending was $474.4 billion, 1.2% (±1.5%)* below the revised January estimate of $480.1 billion. Educational construction was at a seasonally adjusted annual rate of $100.5 billion, 1.8% (±2.0%)* below the revised January estimate of $102.3 billion. Highway construction was at a seasonally adjusted annual rate of $147.3 billion, 1.6% (±4.8%)* below the revised January estimate of $149.7 billion.
INDUSTRIAL SUPPLY MAGAZINE
The November/December issue of Industrial Supply magazine features an in-depth cover story about Kimball Midwest. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Marks, as well as interviews with numerous product and distribution industry experts.
