Construction Expenditures Fell In February

Cuts in residential and government spending reduced total construction expenditures in February, marking the first two-month string of declines in a year.

Although non-residential outlays jumped to the highest level in more than four years, they were unable to offset the declines in home building and government projects.

Overall, residential, nonresidential and public spending fell 0.5 percent to an annual rate of $523.3 billion, the Commerce Department reported Tuesday.

Spending also fell 0.5 percent in January, to a revised $525.7 billion rate rather than the original estimate of $529.7 billion.

But despite the first back-to-back drops since January and February 1994, outlays in February 1995 were 7.7 percent above those a year earlier.