February 2021 Construction Spending Report – Census Bureau

The total value of put in place spending for Construction in February 2021 decreased by 0.8% from last month; however, spending has increased by 5.3% from February 2020 demonstrating a strong recovery in the overall market. This has been led by increased residential construction spending as the year over year value rose by 21% from $600.5 billion to $727.4 billion. Non-residential construction has not seen the same recovery in the past year with total spending declining in the 1 year period 6.1% from $840.5 billion to $789.5 billion. From January 2021 we have seen declines of .02% in the residential market and 1.3% in the non-residential market. Sectors with the largest losses include: office, commercial, power, manufacturing, and amusement & recreation. As the recovery continues and government investments in infrastructure are made we expect to see the P.I.P. value of non-residential construction increase.