Total construction spending declined from January to February to an annual rate of nearly $2.1 trillion, but all categories posted year-over-year gains, according to a recent analysis of government data by the Associated General Contractors of America. Association officials noted that the monthly decline could have been caused by changes in winter weather patterns, including heavy rain and snow in the west, during February.

Private nonresidential construction spending decreased 0.9% in February but rose 12.6% from February 2023. Public construction spending decreased 1.2% for the month but soared 16.8% from a year earlier. Private residential construction spending gained 0.7% for the month and 6.3% year-over-year.

The association praised the significant year-over-year increase in public-sector investments in infrastructure and construction but cautioned that many firms struggle to find enough workers. They urged federal, state, and local officials to increase funding for construction education and training programs to encourage more people to seek construction careers.

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