New residential construction rose 2.2% in February following a 4.4% increase in the prior month, according to a new government report.
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The Census Bureau report shows spending on private single-family and multifamily construction rose in February to $303 billion, up 20% a year ago.
Spending on single-family homes jumped 4.3% from January to February—“reflecting a recent pickup in single-family starts,” said IHS Global Insight economist Patrick Newport.
Meanwhile, nonresidential construction rose only 0.4%. Residential construction is “providing more of a boost than nonresidential construction,” Newport said.
Economists at the National Association of Home Builders expect total
