Record high construction spending

Don't you hate it when the experts are wrong? U.S. construction spending rose 0.8 percent in February, an amount double expectations, as private residential spending surged 1.3 percent to a record high, offsetting a drop in public construction, according to a Commerce Department report. Construction spending climbed to a record seasonally adjusted annual rate of $1.185 trillion in February from an upwardly revised $1.176 trillion in January. The increase was twice what Wall Street forecasted and the amount followed an upwardly revised 0.4 percent increase in January. Private construction spending rose 1.2 percent in February to a record $931 billion, as residential spending surged 1.3 percent to a record $666 billion. Private non-residential spending rose 0.8 percent to $265 billion, the highest level since October 2001. An increase in private construction spending on lodging, office, health care, religious, recreational and power facilities more than offset a decline in spending on construction of commercial, communication and manufacturing facilities, the report showed. Highway and street construction rose 3.8 percent. Your comment?