February Construction Spending Inches Down 0.1%

Outlays for U.S. construction projects decreased 0.1% in February to a seasonally adjusted annual rate of $967.2 billion, led by the public sector, the U.S. Commerce Department reported Wednesday. Economists polled by MarketWatch had expected a 0.1% increase in January compared with originally reported decrease in spending of 1.1% in January. On Wednesday, the government revised January's decrease to 1.7%. Public-construction spending dropped 0.8% in February. Meanwhile, private-construction spending rose 0.2% in February, despite a 0.2% decrease for residential projects. There was a 0.5% gain for nonresidential projects.