Nonresidential Construction Remains Hot Nationwide

The U.S. Department of Commerce has reported that despite another lackluster month for home building, nonresidential construction has risen 11 percent over the past year and was up slightly in the month of February (0.1 percent).
According to a report from the Association of Builders and Contractors, of the16 reported nonresidential sectors, 14 showed year-over-year gains, including lodging (44.8 percent), manufacturing (28.1 percent; supported undoubtedly by a weak dollar), and public safety (27.6 percent).
The two nonresidential segments generating less spending were religious construction (down 11.8 percent) and water supply construction (down 10 percent), a decline unlikely to persist given the emergence of water shortages in many American communities.
The majority of nonresidential subsectors also reported increased spending on a monthly basis.
Overall, total construction spending nationally in February 2008 was $1.122 billion on a seasonally-adjusted, annualized basis. This represents a 0.3 percent decline from a month earlier and a 3.5 percent retrenchment from year-ago levels.

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