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April 03, 2017US CONSTRUCTION SPENDING, FEBRUARY 2017 
US construction spending increased by 0.8 per cent in February compared to January, to a seasonally adjusted annual rate of $1,193 billion. Residential construction spending increased by 1.8 per cent while non-residential spending remained unchanged. Private spending increased by 0.8 per cent while public spending increased by 0.6 per cent.
Compared to February of 2016, total construction spending was up 3.0 per cent, with increased residential (6.2 per cent) and non-residential spending (1.0 per cent). Private spending increased by 6.9 per cent while public spending decreased 8.0 per cent.
In the first two months of the year, total spending was up 3.2 per cent compared to the same period in 2016. Residential spending grew by 5.9 per cent while non-residential grew by 1.4 per cent. Private spending increased 7.0 per cent while public spending fell 7.6 per cent.
US construction spending, especially residential spending, is an important indicator for Nova Scotia's wood exports. Though not a perfect predictor, US residential construction spending and the value of Nova Scotia's wood exports follow similar directions over time. In 2016, US residential construction spending increased by 5.4 per cent over 2015, while Nova Scotia's wood product exports to the U.S. grew 5.2 per cent.
Source: US Census Bureau
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