Residential construction spending down for February
Overall construction spending ticks up on public housing
Construction spending rose a mere 0.1% month-over-month in February to $945.7 million, with private residential construction spending down 0.8% and residential construction down 0.7%, according to the U.S. Census Bureau.
The reading, along with the downward revision for January to 0.2% decline, was the lowest since August 2013. It was 13% above the February 2013 level.
The only real strength in construction spending was in public residential construction spending, which was up 5.1%. This includes spending on public housing and public funding programs for building affordable housing.
This reflects recent report on homebuilder confidence being extremely weak, reading at 47 on the National Association of Homebuilders confidence index.
New home sales were down in February, reflecting an increasingly softer housing market.