Construction spending shows improvement in February

Construction spending rose in February.

Commercial property managers likely noticed a higher level of construction spending during February, as the country experienced multiple types jump from January's figure and from the same point in 2012.

Total construction spending for February hit a rate of more than $885 billion, the Department of Commerce noted in a recent report. This was 1.2 percent improved from January's level of nearly $875 billion, as well as 7.9 percent higher than the same period in 2012, when it was $820.7 billion.

Residential construction rose 2.2 percent in February, to a rate of $303.4 billion, the report explained. That figure was nearly $297 billion. Nonresidential construction's rate was nearly $310 billion, for a gain of 0.4 percent from January's $308.3 billion.

Construction spending in January and February rose to more than $120 billion, the report added. This was 6.6 percent improved from the same two months last year.

This improvement in spending is one of the multiple notable gains in the market. Another was the nearly $12 billion increase in outstanding mortgage debt during the final three months of 2012, as noted in a report from the Mortgage Bankers Association. This totaled more than $845 billion.

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