Steel Markets
April 5, 2021
CPIP Data: Residential Construction Strong in February
Written by David Schollaert
Total construction expenditures edged down in February to $1.52 trillion, down 0.8% from January’s revised estimate of $1.53 trillion, reported the U.S. Census Bureau. Despite the slight dip month on month, total construction was up 5.3% compared to a year ago when spending totaled $1.44 trillion. Year-to-date construction spending amounted to $2.13 trillion, 4.9% above the $2.03 trillion for the same period in 2020.
Except for infrastructure, all other sectors show steady growth trends in Table 1 below. This is especially positive as year-over-year comparisons are still largely pre-pandemic. Private, state and local, and federal construction are all on the rise, especially residential buildings measured on a rolling three- and 12-month basis. Additionally, Figure 1 shows total construction expenditures on a rolling 12-month basis as the blue line and the rolling three-month year-over-year growth rate as the orange bars
