US construction spending rose 1 percent from a month earlier to a seasonally adjusted annual rate of USD 1.32 billion in February 2019, the highest level in nine months, following an upwardly revised 2.5 percent surge in January and easily beating market expectations of a 0.2 percent drop. Investment in public construction grew 3.6 percent (vs 5.7 percent in January), led by federal government construction projects and state and local government construction outlays. In addition, spending on private construction rose 0.2 percent (vs -1.5 percent in January) on the back of private residential projects. Construction Spending in the United States averaged 0.45 percent from 1964 until 2019, reaching an all time high of 5.90 percent in April of 1978 and a record low of -4.80 percent in February of 1975.
Construction Spending in the United States is expected to be -0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Construction Spending in the United States to stand at -0.50 in 12 months time. In the long-term, the United States Construction Spending is projected to trend around 0.40 percent in 2020, according to our econometric models.