US: Construction spending keeps momentum - Wells Fargo

Analysts from Wells Fargo, point out today’s report on construction spending stayed on the positive trend in February. 

Key Quotes: 

“Total outlays rose 0.8 percent in February following an upwardly revised January print. The milder February weather pulled private residential construction forward, while nonresidential outlays declined.”

“Total construction spending rose 0.8 percent to a seasonally adjusted annual rate of $1,192.8 billion in February. Year over year, overall construction outlays are up 3.0 percent. The more volatile public construction spending rose 0.6 percent in February but is down 11.8 percent on a three-month moving annualized average. A bounce back in this component would help total construction spending growth.”