After reporting a sharp increase in U.S. construction spending in the previous month, the Commerce Department released a report on Friday showing construction spending rose by much less than expected in the month of February.
The Commerce Department said construction spending climbed 0.5 percent to an annual rate of $1.704 trillion in February after surging 1.6 percent to a revised rate of $1.696 trillion in January.
Economists had expected construction spending to increase by 1.0 percent compared to the 1.3 percent jump originally reported for the previous month.
The report showed spending on private construction advanced by 0.8 percent to a rate of $1.354 trillion, reflecting a 1.1 percent jump in spending on residential construction and a 0.2 percent uptick in spending on non-residential construction.
Meanwhile, the Commerce Department said spending on public construction fell by 0.4 percent to a rate of $350.7 billion, as spending both educational and highway construction tumbled by 1.3 percent.
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