Spending among the construction industry increased slightly in February, according to the Commerce Department. The increased activity is in part due to a rebound in construction for hotels and other nonresidential buildings.
Construction spending as a whole grew by 0.1 percent in February to a seasonally adjusted annual rate of $945.7 billion. The figures in February 2014 are also a 8.7 percent growth from February 2013's mark of $869.9 billion.
Although the industry only posted a small overall increase from January, several sectors recorded positive numbers in February. Nonresidential projects – such as office buildings, shopping centers and hotels – rose by 1.2 percent. Hotel construction spearheaded this sector with a 3.5 percent growth from January. Government projects recorded a growth of 0.1 percent.
The nonresidential figures are a pleasant surprise as this sector posted a 1 percent decrease in January. The seasonally adjusted annual rate of this sector was $319.6 billion.
Public construction projects rose by 0.1 percent over the last month. The Associated Press said this is in part due to a 5.8 percent increase in federal spending, which offset a 0.5 percent decline in state and local government projects.
Builders and construction companies who are looking to their workforces can enlist the services of operations recruiters to help in their search.