February Construction Spending Rises 0.8% to Record High

onstruction spending rose 0.8% in February to a record high level, the Commerce Department reported Monday.

pending rose to a record $1.19 trillion annual rate and followed a revised 0.4% gain in January, Commerce said.

Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.

Residential construction spending rose 1.3% following a 0.1% gain in January.

Private non-residential construction rose 0.8%, while total nonresidential construction, which includes offices, factories and schools, saw a 0.1% uptick.

onstruction spending by the federal government fell 1.8%, while state and local spending dropped 0.4%.

Year-over-year, government construction spending rose 6% from the previous February.