In this Friday, March 21, 2014, photo, a single family housing construction is underway in North Andover, Mass. The Commerce Department reports on U.S. construction spending in February on Tuesday, April 1, 2014. (AP Photo/Elise Amendola)
April 01, 2014 - 7:07 AM
WASHINGTON - U.S. construction spending posted a slight increase in February as a rebound in construction of hotels and other nonresidential buildings offset a decline in housing. But activity was still being depressed by the harsh winter.
The Commerce Department says construction spending increased a scant 0.1 per cent in February after a 0.2 per cent drop in January. The increase left construction at a seasonally adjusted annual rate of $945.7 billion, 8.7 per cent above the level of a year ago.
The small increase in February came from a 1.2 per cent advance in nonresidential projects, led by a 3.5 per cent rise in construction of hotels and motels. Spending on government projects edged up 0.1 per cent, helped by a big gain at the federal level. Residential construction dropped 0.8 per cent, the biggest setback since July.
News from © The Associated Press, 2014