Construction Put in Place Nearly Matches Prior Month and Year-Ago Levels
"Construction held up well in February despite bad weather and growing caution among businesses and consumers," said Kenneth D. Simonson, Chief Economist for Associated General Contractors of America (AGC), the nation's leading construction trade association. "The total value of construction put in place, as reported by the Census Bureau, was just 0.2% below the revised January total and the February 2002 figure."
The February number, $872 billion seasonally adjusted at annual rates, reflected an 0.6% climb in private residential construction from January, an 0.3% uptick in private nonresidential building construction, and a 2.9% drop in public construction. Compared to February 2002, private residential was up by 10%, private nonresidential buildings were down by 13%, and public construction was off by 5%.