FinancialsPrivate residential construction spending declines
Residential construction spending dropped in February, with home improvement spending leading the decline, after an unexpected increase in January. According to the U.S. Census Bureau’s February Construction Report, private residential construction dropped 3.8 percent to $228.5 billion in February. All sectors had a decline in spending that month. Home improvement spending dropped the most, falling 5.6 percent to $109.8 billion, reversing much of its gains from January. Single-family and multi-family spending followed, with 1.7 percent and 1.5 percent drops, respectively.