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After a nine-month string of monthly increases was snapped with a 2.1-percent dip in January, construction spending is now at a seasonally adjusted annual rate of $885.1 billion.
Compared to February 2012, that rate is 7.9 percent higher and is expected to continue growing as the housing market booms.
Speaking of housing, there’s no question that it is the source of the increase in overall spending. Spending on home building surged 2 percent in February to a seasonally adjusted annual rate of $309.5 billion—it’s highest mark in more than four years.
February home construction was 19.2 percent higher than it was a year ago at the same time.
Private residential construction rose 2.2 percent in February to a seasonally adjusted annual rate of $303.4 billion. That’s its best level since November 2008.
Nonresidential construction saw a 0.7-percent increase in February to a seasonally adjusted annual rate of $575.5 billion.