Expenditure under construction increased by 0.7% in February of month to month, according to a report published today by the United States Census Office. Annually, global spending increased by 2.9%.
“Expenditure under construction was bounced in February, after a widespread time that could have slowed projects in January,” said Ken Simonson, an economist in none of the general associated contractors of America, in a statement. “The investment is still positive compared to a year ago, but the growth rate of all the main categories has cooled, while the contractors have reduced hiring and work openings.”
Residential spending increased 1.3% during the month and 1.6% for the year, mainly driven by single -family projects. In the non -residential sector, spending has increased by 0.3% since January and 3.9% since February 2024. The highest recorded figure, said Anirban Basu, an economist in chief of builders and associated contractors, in a statement.
“An increase in road and streets expenditure represented more than 40% of the monthly increase and non -residential expenditure in the public sector, it now increases more than 6% year after year,” he said. “Unfortunately, private sector spending has not kept the pace and has only increased by 2.5% since February, a slower increase than inflation throughout the economy.”
From now on, BASU hopes that the challenges that are currently facing the industry will continue. “The combination of high interest rates, tight loans standards and unprecedented uncertainty with respect to commercial policy will continue to weigh in the construction of the private sector in the coming months.”
