WASHINGTON (AP) – U.S. construction spending fell in February after months of steady gains, possibly due to unfavorable cold weather and winter storms in the south.
The Department of Commerce said on Thursday that spending on construction projects fell 0.8% in February and 1.2% in January. The decline was due to lower spending on apartments, hotels, hospitals and educational institutions.
State construction costs also fell sharply, falling by 1.7%. The budgets of state and local governments have been strained during the epidemic as tax revenues have fallen amid widespread unemployment and low business incomes.
The house was a bright spot for the epidemic, as more and more people were looking for more living space to work from home and attend school online for their children. But last month, residential construction fell by 0.2%, mainly due to bad weather. The decline was due to the decline in housing construction, while the one-family house building grew slightly.
The construction of new homes has been a major challenge for developers since the epidemic. Over the past year, construction costs on homes have increased by more than 21%, which has increased by 5.3% on all construction costs since the outbreak.