US construction spending falls 0.3% in February

By Ovunc Kutlu

ISTANBUL (AA) - US construction spending fell 0.3% to $2,091.5 billion in February, Commerce Department figures showed Monday.

Construction spending, one of the major indicators of well-being in the construction sector, was expected to show a monthly increase of 0.7%, according to market estimates.

The figure for January stood at a 0.2% decline at $2,096.9 billion.

Annually, the reading in February was 10.7% above the figure from the same month in 2023 when it stood at $1,889.6 billion, said the agency.

"During the first two months of this year, construction spending amounted to $298.1 billion, 11.9 percent above the $266.5 billion for the same period in 2023," it added.