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First Cut: February construction spending down overall, but single-family residential still rising

Total construction spending in February was down 1.3% from January, only partially retracing the 2.8% increase in January. The bright spot in the February data was a 3.9% increase in private residential building for single-family homes which continued a string of respectable gains in recent months. Private multi-family residential construction was up a scant 0.1%, while private spending on home improvements took a break in February and declined 7.2%.

The data is relatively old at this point and will be added to the picture of pre-pandemic conditions with less relevance for more recent developments.

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