Economic Buzz: US Construction Spending Edges Up Marginally

The US Commerce Department said construction spending edged up by 0.1 percent to an annual rate of $ 1.273 trillion in February after coming in nearly unchanged at $ 1.272 trillion in January. The uptick in construction spending was primarily due to an increase in spending on private construction, which rose by 0.7 percent to a rate of $ 982.0 billion in February from $ 974.8 billion in January. Spending on residential construction edged up by 0.1 percent to a rate of $ 533.4 billion, while spending on non-residential construction jumped by 1.5 percent to a rate of $ 448.6 billion.e