Data from the first months of 2015 paints a picture of an economy that continues to be healthy, albeit without the pace of expansion of the latter half of 2014. While the global economic slowdown may finally be impacting the U. S., there is also evidence that the slower pace of gross domestic product growth and hiring may have been due to a harsher-than-average winter. Whatever the macroeconomic reasons, construction results during the first few months of 2015 show a mixed and still cautious construction market.
Census Bureau reported that construction spending in February totaled $967 billion, less than 0.1 percent lower than in January but 2.1 percent higher than in February 2014. Private residential spending in February declined 0.2 percent from January and 2.1 percent from last February. Private nonresidential spending increased 0.5 percent from January and 5.9 percent year-over-year and public construction spending decreased 0.8 percent from January and increased 3.1 percent from February 2014.
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