Construction spending was worse than economists had expected with a slight dip in February, according to the latest data from the Census Bureau.
- M-O-M: Construction spending fell 0.1% to a seasonally adjusted annual rate of $1.844 trillion, identical to the drop seen in January and now the second dip in as many months in 2023
- Y-O-Y: Despite the monthly drop, construction spending is still up 5.2% when compared to the same time last year.
Single-Family Slump Continues. Residential spending fell 0.6% in February thanks to a continued decline in single-family spending.
- Single-Family spending fell for the seventh straight month in February to $368.36B, down 1.8% from January and now down 21.4% from one year ago.
- Multi-family spending increased for the seventh straight month to $122.79B, up 1.4% from January and now up 22.2% from one year ago.