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US construction spending up tiny 0.1 percent in February despite drop in housing construction

U.S. construction spending posted a slight increase in February as a rebound in construction of hotels and other nonresidential buildings offset a decline in housing. But activity was still being depressed by the harsh winter.

The Commerce Department says construction spending increased a scant 0.1 percent in February after a 0.2 percent drop in January. The increase left construction at a seasonally adjusted annual rate of $945.7 billion, 8.7 percent above the level of a year ago.

The small increase in February came from a 1.2 percent advance in nonresidential projects, led by a 3.5 percent rise in construction of hotels and motels. Spending on government projects edged up 0.1 percent, helped by a big gain at the federal level. Residential construction dropped 0.8 percent, the biggest setback since July.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.95% dw 4.15%  
15 Y Fixed Graph 3.05% dw 3.11%  
30 Y Fixed Jumbo Graph 4.53% up 4.22%  
5/1 ARM Graph 3.71% up 3.19%  
5/1 Jumbo ARM Graph 3.38% up 3.19%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.31% up 4.30%  
$50K HELOC Graph 4.06% -- 4.06%  
$30K Loan Graph 5.05% dw 5.08%  
$50K Loan Graph 4.49% dw 4.50%  
$75K Loan Graph 4.51% dw 4.52%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.94% -- 2.94%  
36 M Used Graph 3.46% -- 3.46%  
48 M New Graph 3.22% -- 3.22%  
48 M Used Graph 3.04% -- 3.04%  
60 M New Graph 3.24% -- 3.24%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.38% -- 0.38%  
1 yr Graph 0.71% -- 0.71%  
5 yr Graph 1.50% dw 1.52%  

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