US construction spending goes up
US construction spending rose in February as private and public building activities both increased, evidence of the recovering property sector.
Washington: US construction spending rose in February as private and public building activities both increased, evidence of the recovering property sector, the Commerce Department reported.
Construction spending was estimated at a seasonally adjusted annual rate of USD885.1 billion in February, 1.2 percent above the revised USD 874.8 billion in January, the department said in a report Monday.
Compared with the level of a year earlier, the February figure was 7.9 percent higher, reported Xinhua.
Spending on private construction was at a seasonally adjusted annual rate of USD613 billion in February, 1.3 percent above the revised estimate of the previous month, while the estimated seasonally adjusted annual rate of public construction spending was USD272.1 billion in February, 0.9 percent above the revised January figure.
The US housing market is struggling for a turnaround about six years after the bubble burst. Although recent sales and prices indicators were mainly upbeat, many economists believe that the housing sector still has a long way to go before a full recovery.