After dropping 2% in January, construction spending in the U.S. inched up slightly to a seasonally adjusted rate of $885.1 billion, a 1.2% rise above the revised January estimate of $874.8 billion, according to data from the U.S. Census Bureau.
The February numbers are 7.9% above the February 2012 estimate of $820.7 billion.
Seasonally adjusted private construction spending was up 1.3% from January to $613.0 billion.
Residential construction spending was at a seasonally adjusted rate of $303.4 billion in February, up 2.2% from January’s revised estimate of $296.9 billion.
"The construction sector appears to be adding to first quarter economic growth. However, seasonal factors and atypical weather can have large effects during winter months," noted analysts at Econoday.