Construction spending in US falls in February

Spending on construction in the US fell 0.5% in February, according to the latest figures from the Commerce Department.

The fall follows a 2.1% increase in the previous month and reflects weakness in the non-residential construction market.

Conversely, the residential construction market saw a 0.9% rise, the largest monthly increase since October 2007.

The across-the-board decline in construction activity puts the seasonally adjusted annual rate at US$ 1.14 trillion, with government construction spend falling 1.7%.

In 2015, construction spend rose 10.6% to US$ 11 trillion, compared with the previous year, the highest level of annual spending since 2007.