Google Plus Facebook LinkedIn Twitter Vimeo RSS

Construction spending up nearly 7 percent this year

By - Last modified: April 4, 2013 at 10:16 AM

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.

Jason Scott

Jason Scott

Jason Scott covers state government, real estate and construction, media and marketing, and Dauphin County. Have a tip or question for him? Email him at jasons@cpbj.com. Follow him on Twitter, @JScottJournal. Circle Jason Scott on .

Leave a Comment

test

Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
View Comment Policy

Comments

close
Subscribe to Our Newsletters!
Click Here to Subscribe for Free Now!