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VOL. 42 | NO. 13 | Friday, March 30, 2018

US construction spending grew just 0.1 percent in February

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WASHINGTON (AP) — Spending on U.S. construction projects ticked up a mere 0.1 percent in February from the prior month, a sign that a growing economy is doing little to spur a more rapid pace for building homes, hospitals and highways.

The Commerce Department says construction spending came in at a seasonally adjusted annual rate of $1.27 trillion. The lower unemployment rate and solid business and consumer confidence has supported an increase in hotel and office construction, but spending on the power grid and roadways has slipped. Construction spending over the past 12 months is up just 3 percent before adjusting for inflation.

Residential construction, the largest single category, rose just 0.1 percent in February. Some of the sluggishness in February was due to a 2.1 percent drop in government-funded construction.

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TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0