Highlights
Construction outlays were weaker than expected and broad based. The bright spot was multifamily construction. Construction spending fell 1.1 percent in February, following a 0.8 percent dip the month before (originally down 0.1 percent). The median market forecast called for a 0.7 percent increase.

The decrease in February was led by a 1.7 percent drop in public construction with private nonresidential decreasing 1.6 percent. New one-family outlays fell 1.5 percent after a 2.2 percent rise in January. However, new multifamily construction gained 2.0 percent after a 2.6 percent boost in January.

On a year-ago basis, overall construction decelerated to a gain of 5.8 percent in February, compared to 6.0 percent the month before.

Construction is not adding to first quarter GDP growth. Today's report will lead most economists to tweak lower their estimate for first quarter growth.

Market Consensus before announcement
Construction spending in January slipped 0.1 percent, following a 1.4 percent increase the prior month and a 1.9 percent jump in November. The decline in January was led by a 1.5 percent decrease in private nonresidential outlays after a 2.1 percent gain the month before. Public outlays dipped 0.2 percent after a 0.7 gain in December. Residential spending advanced 1.8 percent after a 1.5 percent boost the prior month, reflecting recent gains in housing starts.

2012 Released Schedule

Released On: 12/30 1/28 2/26 3/29 4/27 5/28 6/28 7/28 8/31 9/27 10/28 11/29 Release For: Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct