U.S. construction spending is on the rise.
Through the first two months of the year, spending amounted to $120.1 billion, or 6.6 percent above the same period of 2012, the U.S. Census Bureau said this week.
Private residential construction was $39.1 billion through February, a 20.3 percent increase over the first two months of 2012. New multifamily alone was up nearly 57 percent over last year with about $4.2 billion in spending, the bureau said.
Nonresidential construction, both public and private, was up about 1.3 percent. Private nonresidential came in at $46.4 billion through February, or about 5 percent above the January and February total from a year ago.
Office construction spending in the private sector was $4.4 billion in the first two months compared to $3.6 billion in 2012, the bureau said.
Construction spending during February was estimated at a seasonally adjusted annual rate of $885.1 billion, or 1.2 percent above the revised January estimate, according to the bureau. That also was up 7.9 percent above the February 2012 estimate of $820.7 billion.
Total construction spending in 2012 was $854.5 billion. In 2011, spending was $778.2 billion.